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By Lori
Weisberg, The
San Diego
Union-Tribune February 9, 2012 The
257-room Del Mar Hilton is expected to fetch roughly
$50 million if sold. — Courtesy of TripAdvisor
Two Del Mar-area hotels valued at more than $100 million are being marketed for sale by their owner, Orange County-based Sunstone Hotel Investors, a national real estate trade publication has reported. The 281-room San Diego Marriott Del Mar, located in Carmel Valley, and the 257-room Del Mar Hilton, just east of the racetrack, are among five Sunstone hotels offered for sale that are valued at roughly $200 million, according to a story in Real Estate Alert, a weekly trade publication that covers commercial real estate investment. Sunstone, a real estate investment trust that formerly owned the W hotel in downtown San Diego and last year acquired a 75 percent stake in the San Diego Hilton Bayfront for $475 million, declined to comment on whether it had put the hotels up for sale. Hodges Ward Elliott, the Atlanta-based brokerage firm that is handling the marketing, also declined to comment, citing client confidentiality. A number of hotel industry insiders, including Alan Reay of Atlas Hospitality Group and Len Howell of San Diego-based Pacifica Host Hotels, confirmed that the hotels are up for sale. “Sunstone has been moving into much higher-end, fuller-service, conference-type facilities,” said Reay, speculating on why the company is seeking to unload five of its properties, located in California, Michigan, Minnesota and Utah. “These hotels (in Del Mar and San Diego) definitely would be in demand and would appeal to hotel (real estate investment trusts). And Marriott and Hilton products are very desirable.” To read the rest of the story please visit:http://www.utsandiego.com/news/2012/feb/08/two-del-mar-area-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 [email protected] |