San Diego Business Journal

Andaz San Diego Hotel Sold for $53M

Tuesday, March 19, 2013

The Andaz San Diego hotel in the Gaslamp Quarter has been sold for approximately $53 million, according to financial data provider Real Capital Analytics.

The buyer was Inland Real Estate Group of Oak Brook, Ill., and the seller was San Diego-based Kelly Capital Group.

The six-story, 159-room hotel is in a building dating back to 1914 at 630 F St., and was once known as the Maryland Hotel. It became The Ivy Hotel in 2007 and converted in 2010 to Hyatt Hotels Corp.’s upscale Andaz boutique brand.

The buyer is a privately held investment firm that financed its purchase in part with a $26.5 million loan from Wells Fargo & Co., according to Real Capital Analytics.

— SDBJ Staff Report