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By Lori
Weisberg, The
San Diego
Union-Tribune August 29, 2011 San Diego County racked up a record $1.5 billion in hotel sales during the first half of this year, ranking second only to New York in dollar volume of transactions, according to a new released midyear sales report. Some of San Diego’s highest profile hotels, from the Manchester Grand Hyatt and the W to the Hilton San Diego Bayfront and Se San Diego, changed hands this year, commanding prices that would have been unthinkable just a couple of years ago, said hotel broker Alan Reay of Atlas Hospitality Group, which tracks hotel sales. While San Diego clearly is viewed as a desirable hotel market, the sheer volume of sales — up 475 percent over a year ago — is more likely a reflection of hotel owners deciding to capitalize now on rising hotel values rather than risk the chance of the economy turning sour again, Reay believes. “We have never seen that amount of sales and dollar volume in San Diego, ever, in the 20 odd years we’ve been tracking sales,” said Reay. “San Diego definitely has an appeal to the (buyers), but you had a run-up in hotel values and then a massive decline. I think the owners of the assets that sold would probably say, ‘I received a price that’s too good to turn down." For the rest of the story including graph of top 5 San Diego County hotel sales go to: http://www.signonsandiego.com/news/2011/aug/26/san-diego-hotel-sales-post-record/ |
Contact: Lori Weisberg, Staff Writer San Diego Union-Tribune 350 Camino de la Reina San Diego, CA 92102 619-293-2251 [email protected] |