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of Downtown San Diego Hotel |
SAN
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 [email protected] or view the company website at www.neptuneha.com. |
Contact
The Aventine Building 8910 University Center Lane Suite 420 San Diego, CA 92122 P. (858) 964-5678 F. (858) 964-5679 www.neptuneha.com |