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Case Study

Sale of the Courtyard by Marriott San Diego Mission Valley

​Jones Lang LaSalle represented Tarsadia Hotels in the sale of the fee simple Courtyard by Marriott San Diego Mission Valley.

The 317-room Hotel was converted from a Holiday Inn to a Courtyard by Marriott in November 2008 following a comprehensive, $22 million renovation. The Hotel also features 7,133 square feet of meeting space, an outdoor pool, fitness center, business center, and 349 surface parking spaces.
The team led a comprehensive marketing campaign and selected Carey Watermark Investors as the buyer. The transaction closed in December 2012 for $85,000,000 or $268,000 per key, representing a going-in yield of approximately 8%. The new owner financed the acquisition with equity and a $51.5 million loan.
For more information please contact James Stockdale, +1 213 239 6361.

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