REAL ESTATE
Beachfront Property: The Holiday Inn Express, a 30-room Capistrano Beach hotel built in 1985, will be auctioned off Friday as part of National Hotel Auction in Beverly Hills, where $100 million worth of hotel properties are expected to be sold.
The hotel, the only Orange County property in the sale, is on Pacific Coast Highway near Doheny State Park. Formerly called the Edgewater Inn, the hotel, which includes a sauna and spa, is the world’s smallest Holiday Inn. Selling price is expected to be about $2 million, said Bob Perlman, a hotel broker with Grubb & Ellis in Anaheim.
Though the hotel suffered no earthquake damage from the Jan. 17 quake that rocked Los Angeles, Perlman said, the jolt may have scared off potential buyers in other areas of the nation. The auction is being held by Grubb & Ellis and Ross-Dove Auction Co. in San Francisco.
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