Paramount Lodging Advisors (PLA) is pleased to announce the sale of Holiday Inn La Mesa San Diego to Greens Group based in Irvine CA.
The hotel is located at 8000 Parkway Dr, La Mesa, CA, proximate to a diverse base of demand generators that included San Diego State University, Sharp Grossmont Hospital, Regen BioPharma, Zander Therapeutics, Grossmont Center for Clinical Research, and Kaiser Permanente. The two-story, 141-room, Holiday Inn hotel will undergo a multi-million-dollar renovation to be repositioned as a Holiday Inn Express.
The PLA team members Senior Managing Director, Scott Griemsmann and Senior Associate, Subu Thiagarajan represented the owners in the transaction. “San Diego continues to outpace much of California, and the Nation, in all key performance metrics and the market has become a focal point for many investors. The sale presented a unique opportunity for the buyers to convert a full-service hotel into a much more efficient limited-service hotel at a price below replacement cost,” commented Subu Thiagarajan.