Investor Demand for SoCal Hotels Extends to SD

The Comfort Suites and Holiday Inn Express are adjacent hotels in the Mira Mesa/Scripps Ranch area.

SAN DIEGO—Two Pack Hotel LP, an affiliate of Excel Hotel Group, has acquired the 132-room Comfort Suites San Diego-Miramar and the 75-room Holiday Inn Express San Diego-Mira Mesa from LLJ Ventures for an undisclosed amount.  The two hotels are adjacent to each other on 3.72 acres in the Mira Mesa/Scripps Ranch area of Northeast San Diego.

The sale is further evidence of the popularity of select-service hotels among investors in Southern California. As GlobeSt.com reported earlier this week, CBRE Hotels SVP Rod Apodaca told us there’s not a lot of hotel product out there, and when it does come up, it gets chased pretty aggressively, driving cap rates down for top-shelf, select-service hotels. As we also recently reported, Apodaca and Bob Kaplan arranged the sale of the 121-room Hampton Inn & Suites Santa Ana/Orange County Airport for an undisclosed amount to a private investor, acting as exclusive agents for the seller, Pacifica Hiorange LP.