Company buys Wyndham O.C.

An international real estate company has purchased the troubled 238-room Wyndham Orange County hotel in Costa Mesa for half of what it was valued at four years ago, a hotel brokerage firm announced Thursday.

Real estate firm Rosanna Inc.bought the hotel at a foreclosure sale for $21 million Nov. 24, according to a news release on the sale from the brokerage firm PKF Capital.

The hotel’s previous owner, Makar Baynorth Costa Mesa LLC, bought the property in 2006 for $42 million, securing a $31-million loan.

The real estate developer purchased the Wyndham with intentions of remodeling it and developing a 23-story condominium tower on the property, but those plans dissolved as the real estate market took a nose dive.

The property went into default in June.

The property, 3350 Avenue of the Arts, includes a full-service hotel and parking garage on about three acres of land.

— Brianna Bailey