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San Diego records strong uptick in year-over-year fundamentals
SAN DIEGO, Dec. 10, 2012 — On behalf of a private investment group for which Tarsadia Investments is the agent, Jones Lang LaSalle Hotels today announced the firm has arranged the sale of the Courtyard San Diego Mission Valley/Hotel Circle. Carey Watermark Investors (CWI) purchased the 317-room hotel for approximately $85 million.
Managing Director John Strauss and Senior Vice Presidents James Stockdale and Samantha Fisher led the Jones Lang LaSalle Hotels team on this transaction.
“The Courtyard San Diego Mission Valley’s strong brand affiliation and robust performance, coupled with San Diego’s strong and improving fundamentals, made this an exceptional opportunity,” said Strauss. “We’re seeing positive momentum in year-over-year fundamentals that is creating a robust transaction environment in the San Diego hotel market. Year-to-date through October 2012, the market witnessed an 8.8 percent increase in revenue per available room (RevPAR) buoyed by a 5.0 percent rise in occupancy over 2011 levels.”
As part of its conversion to a Courtyard Marriott in 2008, the property underwent a comprehensive renovation, including upgrades to the guestrooms, lobby and back of the house. It was recently recognized with Marriott International’s Conversion Excellence Award. Evolution Hospitality, the management team responsible for the hotel since its opening, will continue to manage the property for Carey Watermark Investors.
Located on San Diego’s Hotel Circle in Mission Valley, the hotel is proximate to Downtown San Diego and some of the nation’s most popular tourist attractions including the San Diego Zoo, Old Town San Diego, SeaWorld and the area’s numerous beaches. The property includes approximately 7,000 square feet of meeting space, Bistro Café restaurant with Starbucks espresso bar, lounge, 24-hour Market, business center, fitness center and outdoor pool.
About Jones Lang LaSalle HotelsJones Lang LaSalle Hotels is a global real estate services firm focused exclusively on hotels & hospitality. We provide acquisition and financing advice, valuations, investment sales and asset management for luxury hotels, select service and budget hotels, smaller hotels and pubs, from single assets to large portfolios and mixed-use developments.
In the last five years we completed nearly 4,000 advisory and valuation assignments and more sale, purchase and financing transactions than any other hotels real estate firm in the world…worth over $30 billion. With 42 offices in 20 countries, no other firm is better connected. Through our depth and breadth of research and experience we know the market at every level, we know the players and we know how to get results. www.joneslanglasallehotels.com
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