Courtyard San Diego Downtown hotel sold for $64.5M
JLL Hotels & Hospitality Group closed the sale of the 245-key, Downtown San Diego hotel
JLL represented the seller, Hersha Hospitality Trust, in completing the sale to a private buyer. JLL also secured the acquisition financing on behalf of the buyer.
The historic Courtyard San Diego Downtown is a 14-story building featuring a lobby restaurant available for breakfast, lunch, dinner and a full bar; billiards room; 24-hour fitness center; and various amenities including in-room dining service, same day laundry and dry-cleaning service; and valet parking.
The property was originally built in 1927 as the San Diego Trust & Savings Bank. The property was converted to a hotel in 1999 and most recently renovated in 2013. The hotel benefits from atypical Courtyard by Marriott design features such as the towering 32-foot-high ceilings in the grand lobby along with 35 marble columns from the U.S., Europe and Asia. The hotel maintains nearly 4,800 square feet of meeting space including the popular Safe Deposit Room boasting the original, 47,000-pound Mosler Safe Company vault door from 1928.
Located at 530 Broadway, the hotel is prominently located in the heart of downtown, proximate to over 10 million square feet of office space, with the area expecting a rise in corporate, technology and life science demand in coming years. Additionally, the Courtyard San Diego benefits from nearby Petco Park, the bustling Gaslamp District, USS Midway Museum and the San Diego Convention Center.
The JLL Hotels & Hospitality team was led by Senior Managing Directors John Strauss and Scott Hall, Executive Vice President Mike Huth and Associate Aaron Lapping.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 300+-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments during that span. JLL’s hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.