SAN DIEGO—PCCP LLC has provided a $31.2 million senior loan to refinance the W Hotel San Diego on behalf of a joint venture between Rockpoint Group and SCS Advisors. The new loan allows the ownership to complete its business plan and create additional value, explains Mike Johnson, associate vice president with PCCP.
The 258-room full-service hotel is well located in Downtown San Diego with convenient access to the San Diego Convention Center, Gaslamp district, Class A office buildings, and City and County offices. According to San Diego Convention Corp., Smith Travel Research and PKF Hospitality research, the Downtown San Diego hotel market includes 17,200 rooms across 80 hotels and is driven by business travelers, the Convention Center, and demand from entertainment and sporting events attendees.
“With a 12% increase in Convention Center attendance from 2013 to 2014, hotel demand is expected to increase in the coming years with the proposed Convention Center expansion and continued market recovery.”
Built in 2002, the 17-story luxury hotel features the Kelvin restaurant, the Rooftop Bar, 16,000 square feet of meeting space, and the lobby lounge and bar. Additional amenities include a fitness center, business center, outdoor heated pool, and in-room spa services. Since its acquisition in 2011, the ownership has made significant capital improvements to the property, including a complete renovation of the lobby and rooftop lounge, doubling the meeting space, and updates of the guestrooms.
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