Carey Watermark Investors, a US Real Estate Investment Trust (REIT), has acquired the Courtyard San Diego Mission Valley Hotel for $85 million. The deal was brokered by Jones Lang LaSalle Inc.’s managing director John Strauss. The company’s senior vice presidents James Stockdale and Samantha Fisher were also involved in this major transaction.
San Diego Mission Valley is close to the local beaches
The Courtyard San Diego Mission Valley is a 317 room facility located in Hotel Circle near downtown San Diego. Its proximity to popular tourist attractions such as SeaWorld, San Diego Zoo and the local beaches, makes it a winner as far as its new owner is concerned.
The Courtyard San Diego Mission Valley is a solid addition to Carey Watermark’s portfolio. Along with 7,000 square feet of meeting rooms, the hotel offers an outdoor pool, fitness facilities, a business centre and several dining options. The hotel was renovated in 2008.
According to Jones Lang LaSalle, Carey Watermark was interested in the hotel due to its “strong brand affiliation and robust performance, coupled with San Diego’s strong and improving fundamentals.”
Another point in the property’s favor is that revenue per room in the local market increased by 8.8 per cent year on year to October 2012. In addition, occupancy rates rose by 5 per cent compared to 2011 figures.
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