Loews Coronado Bay Resort’s operator, New York City-based Loews Hotels, recently purchased the hotel for $90.5 million.
The 440-room, California-Mediterranean style resort had been forced into involuntary bankruptcy this spring, when one of its founders, MKK Associates, a Japanese firm, wanted to divest its holdings. The other partner was locally based Joelen Enterprises.
A new owner would have had to pay up to an additional $20 million to buy out the remaining 15 years of Loews’ management contract, which made another company buying the property unlikely.
There was one other bidder , Phoenix-based Pivotal Group , which offered $90 million for the hotel.
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