A San Diego-based
hotel company has
sold three of its all-suites hotels, including one in Sorrento Mesa, to
an affiliate of Hyatt Hotels
Corp.
The $76.5 million sale by The Hardage Group in San Diego
included a 142-room hotel in Orange County, a 234-room property in Emeryville in the San Francisco Bay Area, and the
194-room Sorrento Mesa hotel.
Each of the hotels will be re-branded as Hyatt Summerfield Suites hotels, which are
upscale, residential-style hotels. Hyatt plans to invest $15 million
toward renovating all three properties.
Samuel Hardage, founder of Chase Suite and Woodfin
Hotels, said the hotels were sold to help pay off $110 million in debt
that was coming due. He explained that hey were among a total of eight
hotels that had been refinanced in 2006 as part of a $110 million
securitized debt deal. Two other properties also were sold in the last
year, he said, and three of the eight were retained.
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The former Woodfin Suites hotel in Sorrento Mesa
will now become a Hyatt Summerfield Suites hotel
and eventually will be renovated. — The Hardage Group
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