Originally Posted By fkurucz >>I guess we're just armchairing it, since we don't really know the financial numbers.<< We don't know the exact numbers, that is certain. But we do know that the original owners could not make the cash flow work with a $210 million loan to service. Give that interest rates are super low these days implies that the true value of the property is far less than $210 million, at least at this point in time. Given that there is a great deal of apprehension over commercial real estate at this time it is understandable that prospective buyers are concerned about overpaying for this property.
Originally Posted By fkurucz >>GW is going to be auctioned off. Who knows how much it'll sell for. Could be $210M, could be $50M, could be $300M. No one knows until the after the auction.<< It doesn't actually work that way. If no one comes up with the minimum reserve (whatever its set at) then the creditors will keep it. After which they will try to sell it without an auction. Given that Banks can borrow money from the federal reserve for nearly zero percent they have no incentive to "dump" it. It will cost them virtually nothing to wait. >>By the way, anyone know how much it originally cost to build GW and buy the land in the first place?>> Given that they borrowed $210 million, that's what I'm guessing.
Originally Posted By disneyfan07 I agree that disney should buy garden walk. not only that but they should build either a bridge connecting gw and downtown disney or extend the monorail path to include the gardenwalk. also kind of off topic, but the part(s) of harbor boulevard, ball road, and katella that run along the disneyland resort should also be purchased by disney so that both disneyland and california adventure can expand even more. the advantage to this is the par(s) of disneyland and dca that lie along those roads can receive more attractions, rides, shops, and or restaurants, or in the least expand current rides/attractions/shops/restaurants.
Originally Posted By Dr Hans Reinhardt I agree with the last part of the post above. It seems logical that Disney would be interested in obtaining those few motels and the 7/11 on the corner for the future expansion of DCA. Does anyone know why Disney hasn't done that yet?
Originally Posted By spacejockey I thought Disney bought the Candy Cane Inn? However, I could be wrong.
Originally Posted By fkurucz >> Does anyone know why Disney hasn't done that yet?<< Maybe the Candy Cane Inn isn't for sale, or maybe Disney hasn't offered them the right price.
Originally Posted By labretbear What I keep hearing from the staff at CCI is that the owners of the adjacent 7-11 aren't going to sell. I'm told that particular store is far too profitable to even think of geting rid of it. So as long as the 7-11 stays, so stays the CCI.
Originally Posted By gadzuux I've done my part to contribute to that 7/11's profitability. I'm thinking that it's a fine spot for a 7/11 - it's not like that land is well suited for active usage in the park. If it wasn't a 7/11, it would likely just be part of the backstage anyway. Now the Candy Cane is another story altogether. Although I've never stayed there, I've eyeballed it several times over the years, and it's taking up some valuable real estate for a strip motel. I seem to remember something else occupying space over there too - whatever it is it's forgettable. These businesses are much more of an intrusion into potential park property than the 7/11 will ever be.
Originally Posted By Westsider My favorite is the Alpine Inn, just around the corner from the Candy Cane. A motel in Anaheim, themed to the mountains, with fake snow and icicles on the roof! How can you go wrong with that? It's a Resort District icon! <a href="http://4.bp.blogspot.com/_KWO3QMRZVs4/Sq2yxwWJ6gI/AAAAAAAAAWk/nB0z7sFdb48/s400/Alpine+Inn+3.JPG" target="_blank">http://4.bp.blogspot.com/_KWO3...nn+3.JPG</a>
Originally Posted By Dr Hans Reinhardt Does anyone remember when Disneyland was surrounded with "themed" motels like that one? The was one themed to Aladdin, and a chain of properties with a space age theme.
Originally Posted By Dr Hans Reinhardt The Inn of Tomorrow in all its futuristic splendor: <a href="http://farm3.static.flickr.com/2661/4107133350_3dbb207fdb_o.jpg" target="_blank">http://farm3.static.flickr.com...db_o.jpg</a> <a href="http://207.45.186.130/~vstapf/apc/IoT.jpg" target="_blank">http://207.45.186.130/~vstapf/.../IoT.jpg</a>
Originally Posted By Daannzzz I loved all the old themed motels and think it would be fun to have them back but with a bit more $$$ out into them... and make sure the area stays pristine and not like it was in the 70's - early 90's
Originally Posted By avatarmickey115 I think a nice new resort would be a great addition. Although space might be tight, they could always build parking underneath!
Originally Posted By pwrof3 Just tear down Garden Walk and start over, like Disney is doing with DCA. Here in Long Beach we have a new shopping mall desgined very similar to GW. It opened in 2006 and is still sitting at only 20% full. The entire second story is empty. It was a mistake to build, but now they can't just tear it down because they owe investors money.
Originally Posted By Dr Hans Reinhardt Wouldn't that be the same problem with AGW? Note the topic of the thread.
Originally Posted By pwrof3 Yes, it is the same problem, but GW is being auctioned off, correct? The new owners would have to already be a profitable company and should be able to pay back the investors. Thus, they can do whatever they want with the property.
Originally Posted By Dr Hans Reinhardt But presumably the new owners would assume any debt that AGW already has. Also note that earlier in this thread I posted a link to an article stating that construction on two new hotels at the site is moving forward, so that would preclude tearing down the place as some have suggested.
Originally Posted By Sport Goofy << Also note that earlier in this thread I posted a link to an article stating that construction on two new hotels at the site is moving forward >> There have been news articles saying that the hotels were coming for the past decade. Until there is actually construction, it's all just speculation and probably a PR move by the developer.
