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Manchester Grand Hyatt San Diego to be Sold to
Host Hotels & Resorts Inc. for $570 million


By Lori Weisberg, The San Diego Union-Tribune
February 16, 2011

Hotel developer Doug Manchester plans to sell his namesake downtown property, the Manchester Grand Hyatt San Diego, to Host Hotels & Resorts Inc. for $570 million, a deal that still requires the blessing of the San Diego Port Commission.

Host, which is the largest lodging real estate investment trust, already owns the 1,362-room bayfront Marriott that Manchester originally developed in 1984. He sold his remaining stake in 2008 to Host, at the time a majority owner, in a stock deal valued at about $93 million.

If the acquisition goes through, it would be the largest sale since 2006 when Strategic Hotel Capital acquired a 45 percent stake in the Hotel del Coronado in a deal then valued at $745 million, said Alan Reay of Atlas Hospitality Group.

Photo by Nelvin C. Cepeda - Union-Tribune

The Manchester Grand Hyatt San Diego's towers have become a prominent feature of the downtown skyline.

“This says a lot about what’s happening in the hotel business — that it’s definitely rebounded and there are buyers for extremely large transactions,” said Reay, whose company tracks hotel sales in California. “Buyers are seeing hotels as a great place to invest because the market is rebounding, even if the price is still below its replacement cost, and this is an asset that would be very, very difficult to replace.”

For the rest of the story please visit:
http://www.signonsandiego.com/news/2011/feb/15/manchester-grand-hyatt-to-be-sold-for-570-million/


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


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Also See: Following Two Years of Deep Discounting, U.S. Hotel Outlook Improving / Lori Weisberg / January 2011

San Diego's Hotel Occupancies May be on the Rise but so are Foreclosures with a 433% Increase Over 2009 Bank Owned Properties / January 2011

Strategic Hotels and Resorts Granted Extension to Retire More than $600 million of Debt on San Diego's Hotel del Coronado / January 2011

Bankrupt 5th Avenue Partners LLC, Owners of the Sè San Diego Hotel Along with Adjacent Building Housing the House of Blues, Could be Put up for Sale; Estimates Claim Could go for $50 million, Significantly Less than the $150 million Development Cost /January 2011

San Diego County Hotels Looking to a Healthier New Year as RevPAR Rose by 4.2% and Occupancy 5.4% in 2010, Gains Expected to Continue / January 2011

Three San Diego Hotel Properties that Were Returned to Lender by Sunstone Hotel Investors Now Up for Sale / December 2010

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

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

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