SAN DIEGO- Carey Watermark Investors purchased the Courtyard San Diego Mission Valley/Hotel Circle property for approximately $85 million. The 317-room hotel property is located near Downtown San Diego and is close to many tourist attractions. CWI’s total investment in the property is approximately $90 million, according to a release from the company. This sum includes acquisition-related costs and $51.5 million of debt.
Managing Director John Strauss and Senior Vice Presidents James Stockdale and Samantha Fisher of Jones Lang La Salle were responsible for arranging the sale of the property. On the CWI side of the transaction, CEO Michael Medzigian, commented, “we are acquiring a totally updated property that also benefits from its long established central location within the greater San Diego area, by many counts one of the best performing lodging markets in the nation.” He also described the investment as “a solid addition to our portfolio” in the same company statement.
Hotel amenities include around 7,000 square feet of meeting space, a 24-hour Market, business center, fitness center and outdoor pool. The hotel was convered to a Mariott Courtyard back in 2008.