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News release

SAN DIEGO, CA

San Diego-Based Bartell Hotels Purchases Hilton Hotel on Harbor Island


SAN DIEGO, Nov. 9,  2015 – Bartell Hotels, one of the largest independent hotel collections in San Diego, has purchased the San Diego Airport Hilton on Harbor Island for $37.7 million. This latest acquisition brings the total Bartell Hotels inventory to eight properties in San Diego.  

The seller, Square Mile Capital Management LLC, is a real estate investment firm based in New York. JLL’s Hotels & Hospitality Group, led by International Director John Strauss and Senior Vice President James Stockdale, represented Square Mile in the transaction.

“Institutional-quality hotels unencumbered by management are an extremely rare investment opportunity,” said Stockdale. “San Diego’s lodging market performance is strong and there was significant interest in this property.”

The San Diego Airport Hilton is located along San Diego’s waterfront and is less than one mile away from San Diego International Airport. The hotel was extensively renovated in the early 2000s when the hotel became part of the Hilton Worldwide brand. The nine-story building features 211 guestrooms and nearly 9,000 square feet of meeting and banquet space.  Bartell Hotels plans for an additional $5 million in upgrades.

“The San Diego Airport Hilton is a great fit within our portfolio of waterfront hotels,” said Richard Bartell, president of Bartell Hotels. “This hotel is representative of the iconic San Diego experience and an important step in expanding our footprint in the region.”

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor in the world, totaling US$51 billion over the last five years. Between negotiating deals, the group’s 340-strong global team also executed 4,600 advisory, valuation and asset management assignments. The firm is recognized as the global leader in real estate services across hospitality properties from luxury, upscale, select service and budget hotels to timeshare and fractional ownership properties, convention centers and mixed-use developments. Investors and owner/operators worldwide turn to JLL to shape their investment strategies and maximize the value of their assets and JLL’s expert advice is backed by industry-leading research.

For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.