DisneylandForward is a development agreement that now allows the Disneyland Resort to build new attractions, hotels and parking within the Disney-owned site of 500 acres over the next few decades.

The vote on zoning changes and ordinances needed for the project follows approvals from the Anaheim Planning Commission in March and the council’s initial approval from April.

The entertainment company has not shared specifics on development plans yet.

The Disneyland Resort, Orange County’s largest employer with a headcount of 35,000, also agreed to invest at least $1.9 billion in the city during the first 10 years of development upon approval of the project.

“Depending on what’s built, Anaheim is projected to see $15 million to $244 million in additional yearly revenue at complete buildout of what’s allowed,” the city of Anaheim said in a statement.

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The almost two-year overhaul signals a long-term investment from the theme park’s owner Cedar Fair LP (NYSE: FUN) in Orange County—one that General Manager Don Prescott has been pushing for.

“I think what’s evolved over the years is that Cedar Fair has realized that hotels are very important in trying to bring people to the park,” Prescott told the Business Journal.

Prescott has served as general manager at the 322-room hotel for the past 20 years and beforehand worked with the second-generation of the Knott family as banquet manager and supervisor from 1984 to 1996.

His hospitality experience includes roles with Wyndham Hotel Group and Sheraton before returning to the Knott’s company in 2006.

The biggest physical changes to the hotel, which includes a new full-service restaurant named Thirty Acres Kitchen and new meeting space in the form of a 4,400-square-foot outdoor courtyard, incorporate a new theme and design based off its founders Walter and Cordelia Knott.

“They are where Knott’s hospitality emerged from,” Cedar Fair’s Brian Klein, corporate director of resorts, marketing and brand management, said.

At the grand opening ceremony last month, hotel officials spoke about the necessary partnership of the park and hotel, and the goal to make more visitors aware of the property.

“We are first an amusement park, but now the hotel rooms are just as important to support the company,” Prescott said.

Knott’s Berry Farm had 3.9 million attendees in 2022, up 6% from the year before, according to Themed Entertainment Association’s global attractions attendance report.

A New Story

The property first opened as the Buena Park Hotel in 1968 and included a restaurant and club on the ninth story.

The finished overhaul is the largest renovation for the hotel since Cedar Fair first took over the property in 2000 and “cleaned it up,” according to Prescott.

For this project, Cedar Fair “wanted to put money into the hotel and come up with a story for it,” he said.

Several changes from the renovation were designed to be a nod to the history of the park, which hit 100 years in 2021, and its initial owners.

Thirty Acres Kitchen, formerly called Amber Waves, was named after the original 30 acres of land the Knott founders first had in Buena Park—Walter Knott purchased 10 acres while leasing the remaining 20. The theme park now spans 160 acres.

Next to the newly added 360-degree, wrap around bar hangs the wedding photo of the Knotts. The restaurant also added a patio outside to accommodate more seating.

The new outdoor California Courtyard added to the existing 20,000 square feet of meeting and banquet rooms. It has held its first wedding ceremony, hotel event planners said.

“The next step is getting the hotel’s name out there in the industry,” Prescott added.
Cedar Fair, currently valued at $2 billion, is finalizing its merger with Arlington, Texas-based Six Flags Entertainment Corp. (NYSE: SIX).

Announced last November, the entertainment companies combined will operate under the name Six Flags and the “FUN” ticker symbol with Cedar Fair’s Chief Executive Richard Zimmerman remaining in the same role.

The transaction will result in a total portfolio of 42 parks and nine resorts.

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Its owner, Milan Panic, founder and former chief executive of Costa Mesa-based ICN Pharmaceuticals, and former Prime Minister of Yugoslavia, had purchased the Francesco Paszkowski and William Dailey-designed yacht from Italian boat maker Baglietto for $15 million in 2003­, according to local yacht brokers.

This was the first time Panic had brought the vessel to the almost 50-year-old show, putting it up for sale alongside the yachts of fellow Orange County boaters Jim Glidewell and Gary Primm.

Why had three of OC’s most notable yacht owners chosen this as the year to sell their prestige properties? And why at the Newport Beach show?

“We’re putting [the show] back on the map” post-pandemic, and trying to make it bigger than ever, Hany Ghabour, co-founder of the Irvine-based live production firm Revel Republic, the show’s promoter told the Business Journal. He estimated this year’s turnout at 20,000, compared to the 15,000 from its 2019 iteration, despite the $195 ticket price, before add-ons, such as VIP wristbands and VIP lounges.

And his timing would seem opportune.

Grand View market research has been forecasting global yacht market compound annual growth of 5.8% from 2023 to 2030, off a base of $8.91 billion in 2022.

“The demand for yachts has gradually increased in the last few years,” the report said, “owing to increase in disposable income of individuals,” and a tendency toward leisure and recreation post-pandemic. A “growing preference of travelers for luxury tourism, personalized service, and exclusive traveling are the primary factors propelling the sales of yachts,” Grandview said.

This year’s Newport show drew 250 boats for sale—new and previously owned, from smaller, recreational watercraft to luxury yachts more than 100 feet long—along with prospective buyers, boat builders and yacht owners.

Event officials call Newport Harbor the largest recreational boat harbor in the US.

“The show offers a quick and concise location and time for our clients,” Kevin Merrigan of yacht brokerage Northrop & Johnson said.

Other dealers in attendance included Alexander Marine USA, Denison Yachting and Sun Country Marine Group.

“It blends all the industry experts together in one place,” Tim Barry, principal at yacht dealer and charter company Newport Yachts, said.

Much of their attention was drawn to the opportunity to roam aboard vessels owned by some of Orange County’s best-known yacht owners and normally kept in such places as the Balboa Bay Club.

In fact, demand was so great that on the last day of the show, Sunday, reservations were required just to be allowed to board the Bellissima.

Elevated

The image of exclusivity was intentionally cultivated by Revel Republic, co-founder and president Ghabour explained this included covering walkways with turf, increasing ticket prices, including for VIP passes and VIP lounges, and staging live water aerialist performances on the sails of a few of the boats.

A popular attraction was a helicopter perched on one boat.

“Not only does it elevate the overall guest experience, but it also delivers better outcomes for the growing list of brokerages, exhibitors and partners participating in the project,” Anthony Trimino, CEO of marketing and advertising firm, Traffik, which handled marketing and publicity for the show, said in a statement.

Due to Traffik’s partnership in reviving the boatshow, Trimino is also CEO of Revel.

Revel appears to be putting its money behind the forecast for growing market appeal floating all boats. Not only is he looking to use more dock space for next year’s Newport show, he said, but he plans to launch the San Diego Boat Show in June.

“We’re looking at all options,” Ghabour said. “I think the biggest thing is to continue getting fresh eyes and fresh consumers in here for all the brokers.”

Fast Sailing

Many were drawn to the yachts of Glidewell, Primm and Panic.

Previously, Panic had kept his Bellissima for private use, mainly sailing to Catalina Island, at times up the coast to the San Juan islands in the Northwest, and to Saint Lucia in the Caribbean. He had never leased it out for charter trips.

Toward the end of 2023, Panic put the Bellissima up for sale, as he began looking for a smaller, more accessible boat, according to Barry. Asking price: $4.96 million.

“Here’s hoping someone local buys, so the Bellissima can stick around,” Newport Yachts’ Barry said.

Alaska-Bound

Another local yacht that grabbed attention was Glidewell’s Westport vessel, named Serengeti, previously owned by television host Johnny Carson, priced at $6.95 million.

Glidewell, founder, owner and CEO of Newport Beach’s Glidewell Laboratories Inc., bought it 10 years ago.

Glidewell, who has owned several boats since 1995, is a “serial yacht owner,” broker Merrigan of Fort Lauderdale’s Northrop & Johnson said. Glidewell prefers buying previously owned boats, as prices are significantly lower, then remodeling them, Merrigan said.

Glidewell rents out the almost 130-foot-long vessel, with five staterooms, as a charter in Alaska in summer, bringing in up to $1 million each year, Merrigan said.

Glidewell reserves the boat for family and business use the rest of the year. He also owns a Trinity boat model, the Unbridled, 191-feet long.

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The Aliso Viejo-based real estate investment trust (REIT) aims to close the deal later this month with Hyatt continuing to manage the property, which recently wrapped up a $37 million renovation.

Sunstone said the purchase would be funded by a portion of proceeds from its October sale of the 1,060-room Boston Park Plaza hotel last year, which went for $370 million to Hyatt, after 10 years of ownership.

The acquisition “demonstrates our ability to accretively recycle capital following our disposition activity late last year,” Chief Executive Bryan Giglia said in a statement.

Giglia expects the addition of the San Antonio hotel, along with Sunstone’s recent renovation of Andaz Miami Beach and conversions of The Westin Washington DC Downtown and the Marriott Long Beach Downtown, “will position Sunstone for significant earnings growth as we move into 2025.”

Sunstone’s current portfolio includes 14 hotels totaling 6,675 rooms. The REIT has a current market cap of $2.2 billion.

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The Irvine-based hotel owner and operator appointed Greg Kennealey as its new CEO.
Dalecio isn’t retiring; he has become executive chairman of Outrigger Resorts & Hotels, which KSL Resorts acquired in 2016. He will also remain a senior adviser to KSL.

Kennealey is no stranger to the KSL business. The executive spent the past 10 years as principal and head of hospitality at KSL Capital Partners, the investor counterpart of KSL, before becoming head of the firm’s Colorado-based Mission Hill Hospitality in 2021.

He will continue to be CEO of Mission Hill as he leads KSL.

Previously, he was the vice president of asset management at Chicago-based Strategic Hotels & Resorts from 2006 to 2011 after working for companies such as IBM Global Services and LaSalle Investment Management in more business development roles at the start of his career.

Dalecio co-founded KSL Resorts in 2004 when the firm formed independently following its sale from KSL Capital Partners, which is headquartered in Colorado.

KSL was later behind one of Orange County’s largest-ever hotel transactions, selling the 400-room former Monarch Beach Resort for almost $500 million at the end of 2019. The firm has remained without a local investment since exiting the renamed Waldorf Astoria Monarch Beach Resort & Club.

KSL currently oversees 45 hotels and resorts worldwide.

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Benson succeeds Peter Rice who retired earlier this month after 38 years with Hyatt Hotels Corp. (NYSE: H) and 10 years at the local property.

The appointment marks a return to Huntington Beach for Benson, who previously worked as director of food & beverage for two and a half years and led the opening of the resort’s Watertable restaurant in 2014.

Benson sports his own 35-year career with Hyatt having held positions in 13 different hotels and was most recently the general manager at the Hana-Maui Resort. He also counts five years as Hyatt’s corporate director of culinary operations after spending 20 years prior as executive chef across several hotels.

Hyatt Regency Huntington Beach Resort & Spa is ranked as the eighth largest hotel in Orange County with 519 rooms.

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The Aliso Viejo-based real estate investment trust (REIT) aims to close the deal later this month. Hyatt will continue to manage the property, which recently wrapped up a $37 million renovation of its guestrooms.

Sunstone reported using a portion of proceeds from its October sale of the 1,060-room Boston Park Plaza hotel last year, totaling $370 million, to fund the purchase. Additional details of the acquisition will be included in the hospitality firm’s first quarter earnings call next month.

The acquisition “demonstrates our ability to accretively recycle capital following our disposition activity late last year,” Chief Executive Bryan Giglia said in a statement.

Giglia expects the addition of the San Antonio hotel, along with recent renovations and conversions of other properties, “will position Sunstone for significant earnings growth as we move into 2025.”

Sunstone’s current portfolio includes 14 hotels totaling 6,675 rooms. The REIT has a market cap of $2.2 billion with shares trading at $10.82 during midday.

The post Sunstone to Acquire Hyatt Regency San Antonio Riverwalk appeared first on Orange County Business Journal.

Waterman succeeds Jay Burress as head of the Anaheim group, a nonprofit responsible for booking events and promoting tourism for the city’s collection of restaurants, hotels and other businesses. Burress resigned in November 2023.

Waterman previously worked at Visit Orlando as chief sales officer for almost five years and was CEO of Visit Houston before that. He also worked at Marriott International for around 20 years ending his time as vice president of sales for the Western region overseeing 100 properties.

“Mike brings extensive experience and a long history of leadership, innovation and success in the hospitality and tourism industry, making him the ideal candidate to guide our organization into the future,” Chairman Fred Brown said in a statement.

Visit Anaheim has confirmed 148 events total in Anaheim this year, which will generate an estimated $15 million in tourism occupancy tax (TOT) revenue for the city.

The post Visit Anaheim Names New CEO appeared first on Orange County Business Journal.

Irvine-based hotel owner and operator KSL Resorts has appointed Greg Kennealey as its newest chief executive.  

The post KSL Resorts Names New CEO appeared first on Orange County Business Journal.

DisneylandForward is a development agreement that would allow the Disneyland Resort to build a series of new attractions, hotels and parking within the existing 500-acre site over the next few decades.

Changes that were voted on included amendments to the city’s general plan, updates to master plans and zoning changes for Disney building heights.

The project was approved on a 5-1 vote, which marks the first vote on DisneylandForward since it was introduced to the public in 2021.

The city council meeting in April will consider the project’s approval, as well as other proposed items such as new parking structures, potential foot bridges, and an updated development agreement between Anaheim and Disney.

The Disneyland Resort, Orange County’s largest employer with a headcount of 35,000, expects to invest at least $1.9 billion in the city during the first 10 years of development if the proposed expansion project is approved.

Specifics on new park development will be determined after city approvals are gained.

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