SAN DIEGO-Jones Lang LaSalle says the firm's Hotels & Hospitality Group secured $50 million in debt financing for the 176-key Courtyard San Diego Old Town and 123-key Fairfield Inn & Suites San Diego Old Town.
The move is on behalf of a joint venture partnership between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. Both hotels are Marriott brands and will retain their flag.
A domestic bank provided the floating-rate loan with a three-year initial term and two optional 12-month extensions.
Managing director Mathew Comfort, EVP Reid McGlamery and SVP Mike Huth led the Jones Lang LaSalle team on this transaction.
“Both the Courtyard and Fairfield Inn & Suites San Diego Old Town benefit from excellent locations, are backed by superior sponsorship and have performed exceptionally well under this ownership venture. Lenders were eager to pursue the opportunity,” said McGlamery. “San Diego ranks in the top 10 United States hotel markets in terms of RevPAR performance and is projected to continue its strong performance well into 2014.”
Both hotels are located in San Diego's historic Old Town district, one of the market's most popular areas. Visitors are in close proximity to attractions such as Old Town State Historic Park, San Diego Zoo and Mission Beach. The properties also are within four miles of San Diego International Airport.
Jones Lang LaSalle's Hotels & Hospitality Group serves as the hospitality industry's global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties.
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