of Downtown San Diego Hotel
DIEGO, California - - May 15, 2006 - - Neptune Hospitality Advisors announced
today that it has arranged the sale of the 68-room StayBridge Suites Hotel
located in downtown San Diego, California. The hotel sold to Trendwest
Resorts, Inc, a subsidiary of Cendant Timeshare Resort Group, Inc.
Trendwest plans to convert the hotel into a timeshare property. The
sale price was not disclosed.
The StayBridge, which opened in early 2004, is actually a 78-year old building formerly known as the Riviera Apartments/Hotel. It was completely renovated and converted to a hotel in December 2003 with the façade remaining as it was. The seller, an affiliate of Shapery Enterprises, plans to build a 40-story high-rise condominium on what is now the parking lot. The two projects will eventually share parking and a few select amenities.
“This transaction represents one of two recent downtown San Diego deals involving Neptune and Cendant,” noted Mike Armstrong, president of Neptune. In 2005, Neptune arranged the sale of Hotel Prava, a boutique, all-suite hotel, to Cendant which gave them a foothold into downtown for their vacationing customers. “Cendant had so much demand for downtown accommodations that they needed additional suites,” added Mr. Armstrong.
Neptune Hospitality Advisors is a real estate investment bank dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.
For more information, contact Michael D. Armstrong at (858) 964-5678 or email firstname.lastname@example.org or view the company website at www.neptuneha.com.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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