Southmark Pacific Corp., a Los Angeles-based real estate development company, confirmed Friday that it has signed a definitive agreement to sell a new 350-room resort hotel in Dana Point to a company owned by members of the Slatkin family of Beverly Hills.
The sale price was not disclosed. The hotel is being built at a cost of $50 million by a joint-venture partnership between an affiliate of Southmark and Jim Dieterich and Jim Youngblood, principals of Lantern Bay Resort Partners Ltd., which acquired the site and designed the hotel. Southmark subsequently financed development of the project.
Southmark officials acknowledged last month that the hotel, formerly called the Dana Point Royce Resort Hotel, was in escrow, but they refused to name the buyer. The facility is scheduled to open Sept. 15 as the Dana Point Resort Hotel.
Friday's announcement confirmed reports that the buyer is the Edward Thomas Cos., a Beverly Hills firm headed by Edward and Thomas Slatkin. Their father, Burton Slatkin, was president and general manager of the landmark Beverly Hills Hotel for more than 20 years, and both sons worked there until the hotel was sold late last year to oilman Marvin Davis.