Partnership Purchases Borrego Springs Resort Casa Del ZorroTuesday, February 12, 2013
A San Diego-based partnership has purchased the vacant Casa Del Zorro hotel in Borrego Springs, in a distress-sale transaction. The price was $2.45 million, according to CoStar Group.
The 63-room hotel property, on 42 acres at 3845 Yaqui Pass Road, was vacant at the time of the recent sale. The buyer was Casa Del Zorro LLC, and the seller was an entity of GH Capital LLC of Sherman Oaks.
According to CoStar data, Casa Del Zorro LLC is a San Diego-based partnership that includes Jack McGrory, Casey Brown and Jack Giacomino. Brown is a partner in the local investment firm BBL Inc. and Giacomino is chairman of San Diego-based Hotel Managers Group, which is expected to operate the resort.
The property was built in 1977 and includes 44 hotel rooms and 19 stand-alone casitas, with private pools, a two-story spa and approximately 6,000 square feet of banquet and meeting facilities. The sale also included a 17,000-square-foot warehouse and a 19-unit apartment building that has been used in the past for employee housing.
A division of Real Living Lifestyles Real Estate represented the buyer, and Maxim Hotel Brokerage represented the seller in the transaction.
— SDBJ Staff Report