IQHQ, a biotech REIT in the midst of building a $1.6B R&D hub in a downtown waterfront district in San Diego, has purchased the Hyatt Regency La Jolla Aventine hotel in the city for $216M.
The deal is the second priciest hotel trade in San Diego in the past five years, eclipsed only by the sale late last year by the $227M sale of the Embassy Suites La Jolla.
The purchase price for the 416-room Hyatt, which translates into about $500/room, is nearly double what the seller Singapore-based GAW Capital Partners, paid for it in a $122M transaction in 2019.
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