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SAN DIEGO-New York-based Investcorp has sold its shares in two Southern California hotels to Santa Barbara-based Pacifica Real Estate Group, which originally partnered up with the global investment group in the late 1990s to purchase the assets. Pacifica has paid $19 million to gain exclusive ownership of the two properties, which are located in San Diego and San Luis Obispo.

The San Diego asset, known as Sommerset Suites Hotel, stands at 606 Washington St. in the city’s uptown district. The four-story complex features an outdoor pool, breakfast room and airport shuttle. It houses a total of 80 suites, which vary from studios to one-bedroom designs with either king or double beds. According to an Investcorp spokesperson, the hotel’s average occupancy level for the first half of 2003 was 82.6%. Built in 1986, it was acquired by the Investcorp/Pacifica partnership in 1999. The property did undergo renovations in 2000 and is currently operated as an independent hotel under the management of Pacifica Hotel Co.

Pacifica Hotel Co. also manages the San Luis Obispo asset, which is branded as a Holiday Inn Express subject to a franchise agreement. The Investcorp/Pacifica partnership purchased the Holiday Inn Express San Luis Obispo in 1998 and then rehabbed the circa 1978 property in 2001. Located at 1800 Monterey St., the three-story hotel includes an exercise facility, outdoor pool and a full-service restaurant that is currently being operated by a third party. Its 100 units range from traditional rooms to suites. The hotel reported an average occupancy of 74.5% during the first six months of 2003, according to Investcorp officials.

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