San Diego Business Journal
San Diego County Hotel Property Deals Declined in First Half
By Lou Hirsh
The volume of San Diego County’s hotel property sales transactions declined 16 percent from a year ago in the first half of 2015, while the dollar volume of those deals slipped 1 percent, according to a newly released mid-year report by brokerage and research firm Atlas Hospitality Group.
San Diego County saw a total of 16 hotels change hands in the first half, in deals totaling $696.5 million. The region’s largest hotel sold was the 419-room Hyatt Regency La Jolla at Aventine, purchased for $118 million by affiliates of Chicago-headquartered Walton Street Capital LLC and San Francisco-based JMA Ventures LLC.
The biggest local transaction of the first half was the $259 million deal in which Blum Capital and the parent of Fairmont Hotels & Resorts purchased a majority stake in the 249-room Grand Del Mar in Carmel Valley, from Douglas Manchester. That property is now known as Fairmont Grand Del Mar.
Atlas officials said California as a whole saw a record $4.4 billion in hotel transactions, including 13 properties that went for more than $100 million. That occurred even as the number of hotels sold statewide declined 7 percent from the same period of 2014, to 174 this year.