The
108-room Hotel La Jolla, which
earlier this year had faced the possibility of foreclosure, has a new
majority investor and nationally
known operator committed to completing a major makeover of the
decades-old property.
An affiliate of Westport Capital Partners, an investment management
firm that specializes in distressed properties, has purchased more than
$30 million in debt on the hotel at a discount and infused new capital
to help finance ongoing renovations of the La Jolla Shores hotel.
"We’re very happy we’ve been able to come into the situation and
provide capital to complete the renovation and help the property
achieve its maximum potential," said Sean Armstrong, a principal with
Westport, which has offices in Los
Angeles and Wilton, Conn.
In 2009, the group of investors that purchased the 11-story hotel four
years earlier for $25 million, had defaulted on its loan payments, and
by last year did not have the
funds necessary to complete ongoing renovations of all 108 guest rooms.
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The Hotel La Jolla, a longtime fixture in La Jolla Shores, has been
rescued from foreclosure by a new majority investor. — Courtesy of
Kimpton Hotels
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