Old Town Hotels Sold for $43MMonday, May 23, 2011
Two hotels in the Old Town area of San Diego have been sold to an investment partnership for a total of $42.75 million.
According to CoStar Group, Dallas-based Rockpoint Group LLC and Clearview Hotel Capital LLC of Newport Beach purchased the 176-room Courtyard by Marriott on Jefferson Street for $29 million, and the 125-room Holiday Inn Express on Old Town Avenue for $13.75 million.
The transaction closed in late April. The seller was Cornerstone Real Estate Advisers Inc.
The Courtyard was originally built in 1987 and the Holiday Inn Express was built in 1989.
Clearview’s participation was aided by a $20 million loan from a Morgan Stanley division for the Courtyard purchase and a $12.15 million loan from Latitude Management Real Estate Investors Inc. for the Holiday Inn, according to Jones Lang LaSalle Hotels, which helped secure the financing.
Rockpoint Group also recently purchased the 258-room W Hotel in downtown San Diego for $56 million.
— Lou Hirsh