Pacifica Host Hotels Acquires the 135-room Aloft Ontario-Rancho Cucamonga for Roughly $8 million, Property was the Debut of Aloft for Starwood / Lori Weisberg / February 2011

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Pacifica Host Hotels Acquires the 135-room Aloft Ontario-Rancho Cucamonga
for Roughly $8 million, Property was the Debut of Aloft for Starwood

By Lori Weisberg, The San Diego Union-Tribune
February 18, 2011

San Diego-based Pacifica Host Hotels announced this week that it has purchased a contemporary lifestyle hotel located near the Ontario International Airport for roughly $8 million.

Pacifica, which owns a diverse range of hotels in San Diego County, including the Diamond Head Inn in Pacific Beach and the Stratford Inn in Del Mar, acquired the 135-room Aloft hotel from the lender.

Designed as a hip but affordable brand within the family of Starwood Hotels and Resorts, the Aloft hotels made their debut in the U.S. with the opening in 2008 of the Ontario-Rancho Cucamonga property.

The two-year-old Aloft hotel, located near the Ontario airport, was purchased for roughly $8 million.

The project, however, suffered from a deteriorating economy that hit the Inland Empire especially hard, said Alan Reay of Orange County-based Atlas Hospitality Group.

He noted that the hotel cost $20 million to develop and was encumbered by a $15 million loan the owners eventually defaulted on.

For the rest of the story please visit:
http://www.signonsandiego.com/news/2011/feb/17/san-diego-based-pacific-buys-a-starwood-hotel/

Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA 92102
619-293-2251
[email protected]

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