Photo courtesy of CoStar Group

Photo courtesy of CoStar Group

A private client of Irvine-based Brighton Management has purchased the 419-room Crowne Plaza Hanalei hotel in Mission Valley, according to brokerage firm CBRE Group Inc. The price was initially not disclosed by the buyer or seller, but was subsequently reported by CoStar Group at approximately $49 million.

The seller of the property, at 2270 Hotel Circle North in San Diego, was locally based Hanalei Associates LLC, with Multi-Ventures Inc. as its managing member. The seller was represented by CBRE’s Bob Kaplan and Rod Apodaca, and Brighton will manage the property.

According to CoStar Group, the four-story hotel was originally built on nearly 10 acres near Interstate 8 in 1959 and was acquired by Hanalei Associates for approximately $14.5 million in September 1996. It was renovated in 2006.

Brokers at CBRE said the hotel will continue to operate under the Crowne Plaza brand, with significant renovations and upgrades planned for the property by its new owner.