Chatham Lodging Trust of Palm Beach, Fla., has purchased the 240-room Residence Inn San Diego Downtown hotel for $90 million, according to CoStar Group and public data.
The seller of the 275,000-square-foot property, at 356 Sixth Ave. at J Street in the Gaslamp Quarter, was J Street Hospitality, Inc. of San Diego. The hotel was built on 0.46 acres in 2009.
In its own statement, Chatham officials said the property includes 1,500 square feet of meeting space and a 123-space parking garage. The hotel was previously managed by Marriott International, and will now be managed by Island Hospitality Management.
Chatham Lodging Trust (NYSE: CLDT) owns interests in 131 hotels totaling more than 18,000 rooms and suites nationwide. Its other local properties are Homewood Suites Carlsbad and Residence Inn San Diego Mission Valley.