The seller was Bernardo Ventures LP, a joint venture betweenPresidian Companies of San Antonio and Pacific Hotel Investors,based in Santa Barbara. Jones Lang LaSalle Hotels arranged thetransaction.
Completed in December 2004, the Hilton Garden Inn "has seenextraordinary gains in both average daily rate and occupancy," saysLos Angeles-based John Strauss, a senior vice president for JonesLang LaSalle. Strauss says that given the accelerated movement ofthe hotel market, the acquisition will be among the county's primeassets.
Driven by biotechnology, the high tech industry and defensefirms, Rancho Bernardo is becoming one of San Diego's fastestgrowing submarkets, according to Strauss. The Hilton Garden Inn islocated along Interstate 15, approximately 24 miles north ofDowntown San Diego.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
