Carey Watermark Acquires San Diego Courtyard
Monday December 10th, 2012 - 9:11AM H
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SAN DIEGO—Carey Watermark Investors Inc. acquired the Courtyard San Diego Mission Valley/Hotel Circle.
CWI’s total investment in the property is approximately $90 million, including acquisition-related costs and $51.5 million of debt. The property was acquired from a private investment group, for which Tarsadia Investments is the agent.
The 317-room hotel includes 7,133 sq. ft of meeting space, Bistro Café restaurant with Starbucks espresso bar, lounge, 24-hour Market, business center, fitness center, outdoor pool and whirlpool and 349 parking spaces.
Located on San Diego’s Hotel Circle in Mission Valley, the property is near downtown San Diego and tourist attractions, including the San Diego Zoo, Old Town San Diego, SeaWorld and numerous beaches.
Michael Medzigian, CEOof CWI, said, “The hotel was completely renovated and upgraded, including guestrooms, lobby and back of the house, when it was converted to a Courtyard in 2008. As a result, we are acquiring a totally updated property that also benefits from its long-established central location within the greater San Diego area, by many counts one of the best performing lodging markets in the nation. The location and physical quality, together with consistent performance and strong brand and in-place cashflow, make it a solid addition to our portfolio."
Tags: • Hospitality • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.