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A Costa Mesa hotel has sold through foreclosure at half its previous purchase price. Hong Kong-based investor Rosanna Inc. paid $21 million for the 238-room Wyndham Orange County — a hotel and parking garage on three acres of land near South Coast Plaza and the cluster of performing arts theaters.
The property was previously owned by an affiliate of Newport Beach-based Makar Properties who had purchased the property in 2006 for $42 million with a $31 mortgage. Before the recession hit, the old owner’s plan was to build a 23-story condo tower on the property’s garage before.
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