Originally Posted By fkurucz Or maybe Disney had better things to do with that $70M? Or maybe they think they can buy it later for even less? I was surprised that the "reserve" price was so low. Apparently CRE is worth even less than I thought. We have a new mall in my neck of the woods that is also foreclosed and they too have found no takers (not sure what their "reserve" price is).
Originally Posted By pwrof3 If Garden Walk consisted of more than just Chain Restaurants that I can find anywhere else in the U.S., and it had some interesting shops, I may have gone down there. If I want to go to an adult only movie theater, they have one in Hollywood that's been operating for years and years, the ArcLight, which is always nearly full for every showing. The mall it is located in consists of horrible cheesy strip mall fare, so I don't see how the owner of the theater in Garden Walk can complain that there aren't enough "high-quality tenants". What to do high quality tenants have to do with people who want to drink and see a movie??
Originally Posted By jaybee I'm sure Disney is not ignoring this situation. They have lots of suits whose job it is to know the situation inside and out. With a high profile and high dollar property like this up for auction, they would not be wise to be the only bidder in the process. They would know that no other bidder had interest and could sit out the auction. Then they could approach the bank and negotiate a smaller price and some purchase concessions. If Disney had made it known they would bid, it would have not put them in such a good negotaiting position. It would not surprise me if they end up with the property and a deal that doesn't allow them to carry so much red ink initially. Long range they add their hotels and maybe even build the DVC timeshares there. But no need to overpay in the a buyers market.
Originally Posted By Dabob2 I hope you're right. I don't see any other such large piece of land adjacent to DLR becoming available any time soon.
Originally Posted By SuperDry <<< But no need to overpay in the a buyers market. >>> You have a point. I think the results of the auction are de facto proof that the current market value of the property is less than $70 million.
Originally Posted By ImTempest Keep in mind the price may not have included the land. It could be a leasehold sale that was only for the mall and the rent revenue the mall generates.
Originally Posted By oc_dean Anybody catch this yet? ............ <a href="http://www.ocregister.com/news/city-244035-hotel-million.html" target="_blank">http://www.ocregister.com/news...ion.html</a> Looks like we can expect a 5th water park at Harbor Blvd/Garden Grove Blvd. area ... to go with the region's 4 other Water Parks (Magic Mountain's Hurricane Harbor, Knott's Soak City, Irvine's Wild Rivers, and San Dimas' Raging Waters).
Originally Posted By Dr Hans Reinhardt That tiny little water park doesn't look big enough to pee in. Poor Garden Grove. Still trying to turn their tired sleepy town into a resort destination. How many times are they going to trot out some new idea only to have it go belly up while still it's in the planning stages? Remember that casino idea that was floated around a few years ago? Now the city is going to invest $40+ million of the taxpayers money in this new hotel resort? Oh boy. Wake me when the bulldozers show up.
Originally Posted By oc_dean I just learned a little bit more - <a href="http://www.mcwhinney.com/properties/display/29" target="_blank">http://www.mcwhinney.com/prope...splay/29</a> I thought it was a separate water park with an attaching hotel ... but this is something a bit different, and a first for California. A hybrid water park WITHIN a hotel complex. So .... I just wonder if the water park inside the hotel is for hotel guests only. A bit vague here. Not exactly a "DLR" area proposition .. but thought I'd mention it here first before it becomes a topic somewhere else on the board.
Originally Posted By oc_dean Hey Hans ... wasn't the same area also due to have a mini theme park of sorts too, at one stage? They say - construction set for 2012 .. opening 2014. I guess we can take this one with a mini, mini, mini grain of salt, eh?
Originally Posted By Dr Hans Reinhardt >>Groundbreaking is scheduled for 2012 with construction completion and a grand opening planned for 2014. The 11.5-acre resort hotel is the first phase of a larger, 40-acre mixed use development that is planned to feature hospitality, entertainment, dining and retail.<< At least they're smart enough to build the hotel first unlike the AGW folks. Still, I see no evidence that this sort of cookie-cutter development will work in the area. Plus, the tourists headed to DLR aren't going to want to stay a mile away. Don't be surprised if this hotel never materializes.
Originally Posted By Dr Hans Reinhardt "Hey Hans ... wasn't the same area also due to have a mini theme park of sorts too, at one stage?" Yep, it's almost laughable.
Originally Posted By Manfried I see Garden Grove is still wasting money on its Disney envy. I knew people that lived there and they kept voting against these things and wanted the city to spend money on things like fixing the streets up. But since when do politicians listen to the people.
Originally Posted By SuperDry <<< Plus, the tourists headed to DLR aren't going to want to stay a mile away. >>> Well, I guess that's the whole point. What if the hotel had an attached water park for the kids? That might be enough to tip the scales for some families. In fact, that appears to be the entire bargain.
Originally Posted By dshyates Attached waterpark and a free shuttle to the parks. I have stayed at several waterpark hotels, and I have to admit that I really like them. I can see this being a big hit with families.
Originally Posted By Dabob2 <So .... I just wonder if the water park inside the hotel is for hotel guests only. > Dean, your link itself says: "A first of its kind for Southern California, the water park will be an exclusive amenity to hotel guests." So it's really not trying to compete with other SoCal waterparks; just trying to make the hotel itself stand out. Whether it ever materializes, who knows?
Originally Posted By believe It looks like a "Great Wolf Lodge" type of hotel resort - except outdoor instead of indoor. I don't know how well Great Wolf is doing. It's certain a nice idea, but don't know how profitable. It's certainly something that Disney should look into.
Originally Posted By Sport Goofy << I don't know how well Great Wolf is doing. It's certain a nice idea, but don't know how profitable. >> Great Wolf is swimming in red ink.
Originally Posted By Jim in Merced CA << I don't know how well Great Wolf is doing. It's certain a nice idea, but don't know how profitable. >> <Great Wolf is swimming in red ink.> I'm not surprised.
