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San Diego County Hotel Sales Heat Up with Two High Profile Coastal Properties Sold


By Lori Weisberg, The San Diego Union-Tribune
September 11, 2012


The Hilton Del Mar is being sold by Sunstone Hotel Investors, which previously owned the
W hotel in downtown San Diego. — Courtesy of Hilton Del Mar

Hotel sales in San Diego County are once again picking up, with announcements that two high-profile coastal hotels — one in Del Mar and the other on Mission Bay — have been sold.

The 257-room Hilton Del Mar is being sold as part of a three-hotel package valued at $107.1 million, and in a separate transaction, the 429-room Hyatt Regency Mission Bay Spa and Marina has been sold for $62 million.

Previously known as the Hyatt Islandia, the Hyatt Regency is a leasehold on Mission Bay formerly owned by KenCal Ownership Corp.

Orange County-based Sunstone Hotel Investors, which owns the Del Mar property, has been shedding some of its lesser-performing suburban lodging holdings while at the same time acquiring more-prominent urban hotels.

The real estate investment trust recently completed the sale of a fourth hotel, the Marriott Del Mar, which sold for $66 million, and last year spent $475 million to acquire a 75 percent stake in the San Diego Bayfront Hilton.

The REIT formerly owned the tony W hotel in downtown San Diego but walked away from the property after deciding it was worth far less than what was owed.

For the rest of the story please visit:
http://www.utsandiego.com/news/2012/sep/10/two-major-hotels-in-del-mar-mission-bay-sold/


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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