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Three San Diego Hotel Properties that Were Returned to Lender
by Sunstone Hotel Investors Now Up for Sale 


By Lori Weisberg, The San Diego Union-Tribune
December, 2010

Three San Diego hotels that fell into foreclosure earlier this year are now up for sale as part of a portfolio of eight bank-owned properties located in Southern California, Georgia, New York and Utah.

The three local hotels -- the Courtyard by Marriott San Diego and Holiday Inn Express San Diego, both in Old Town, and the Holiday Inn in downtown San Diego -- account for a little more than 500 rooms out of the nearly 2,000 on the market.

Also being sold are hotels in Manhattan Beach, Atlanta, Long Island, Salt Lake City and Provo, Utah.

Jones Lang LaSalle Hotels, which is selling six of the properties on behalf of the lender, Massachusetts Mass Mutual Life Insurance Co., noted that they can be purchased individually or as a portfolio.

The properties were returned to the lender after the owner, Sunstone Hotel Investors Inc., decided last year to default on a $246 million loan covering nearly a dozen hotels that it concluded were worth significantly less than the debt owed.

The San Clemente real estate investment trust ultimately agreed to hold onto three of the 11 hotels in return for an $83 million payment to Mass Mutual, leaving a loan balance of $163 million.


Holiday Inn San Diego Downtown


For the rest of the story please visit:
http://www.signonsandiego.com/news/2010/dec/02/three-foreclosed-san-diego-hotels-up-for-sale/


Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


Also See: San Diego Hotel Performance May Mirror the Rest of Nation Says Starwood Hotels and Resorts CEO Frits van Paasschen / October 2010

San Diego Leads California with Hotels in Distress; Numbers Surge 160% Over Same Period a Year Ago / October 2010

Questions Surround Why the City of San Diego Has Permitted the Swanky SE San Diego Hotel to Continue Operating Without a Valid Certificate of Occupancy / September 2010

San Diego's Manchester Grand Hyatt Deal with Sunstone Hotel Investors Goes Sour / September 2010

Skin Care Concierges Protect Hotel Sunbathers - The Newest in Amenities? / August 2010

Traveler Preferences are Changing: Upscale San Diego Hoteliers are Increasingly Becoming Pet Friendly Offering Pet Amenities From Surfing Lessons to Pet Psychic Sessions / August 2010

Former Owner of San Diego's W Hotel, Sunstone Hotel Investors, Wants to Acquire Manchester Grand Hyatt / August 2010

San Diego's Downtown W Hotel Now Owned by Lender / July 2010

During Downturn San Diego Hotel Owners Face a Delicate Balancing Act in Calculating When and How Much to Invest in Restorations / April 2010


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