RC Law Advised on the Sale of the Laguna Riviera Resort
RC Law acted as seller’s counsel on the sale of the historic beachfront Laguna Riviera Beach Resort, located in Laguna Beach, California to Soul Community Planet hotel group. The Laguna Riviera Beach Resort first opened in 1948 and it is the first acquisition in California of the Oregon based hospitality group. The transaction was structured as an asset deal. Buyer was represented by Greenberg Traurig’s San Francisco office.
BUYER’S PRESS RELEASE
Soul Community Planet (SCP) announced today the acquisition of the 41-room, beachfront Laguna Riviera Beach Resort (Laguna Riviera). The historic Laguna Beach hotel marks SCP’s first expansion into California, and its sixth hotel overall. The acquisition advances SCP’s plan to expand its footprint into communities that align with SCP’s healthy, kind, green values.
Opened in 1948, the Laguna Riviera is located directly on the beach just two blocks south of Downtown Laguna Beach. Described as a part French Riviera and part Mediterranean retreat, the resort boasts scenic coastal views, direct access to surfing and stand up paddle boarding, and features a variety of room categories, including oceanfront studios to grand one-bedroom suites, many with a full kitchen, private oceanfront decks, and fireplaces.
“The vision of Soul Community Planet is to make the world around us a better place by serving those who value wellness, kindness and sustainability. The beautiful seaside community of Laguna Beach is an eclectic fusion of California art, food and surf culture. It’s also one of the healthiest, kindest and most sustainability focused communities we know. As such, we see Laguna Beach as an ideal place for Soul Community Planet, and we look forward to merging SCP’s holistic hospitality with Laguna Beach’s cool California vibe,” said Soul Community Planet Co-Founder and CEO Ken Cruse. “Our planned renovations of the hotel are intended to complement the character of Laguna Beach and will be thoughtfully conducted with city and community involvement every step of the way to ensure our efforts add to, rather than dilute, the eclectic authenticity that makes Laguna Beach so special.”
The hotel will maintain the Laguna Riviera Beach Resort name while undergoing the planned multi-million-dollar renovation and repositioning program. The design effort, led by Kelly Ogden of ELK Collective, will infuse the hotel with SCP’s signature “Scandi-boho” design aesthetic, new landscaping and exterior, and will incorporate SCP’s distinct brand features throughout. Upon completion of the renovations, the hotel will be rebranded as the SCP Laguna Beach. Opening rates at the SCP Laguna Beach will start at $250. SCP announced earlier this year it will become fully vegetarian across all of its venues, achieve net-zero waste company-wide, and standardize all of its guest rooms on its signature “Peaceful Rooms” design by the end of 2022. These and other SCP brand services and programs are planned to be featured at the new SCP Laguna Beach. The SCP Laguna Beach is also planned to feature a signature SCP’s Provisions Market, which will offer wholesome, locally sourced, fresh, organic food and drink, including local craft beer, California wine, kombucha and coffee, along with local arts and crafts items.
Source:
