Carey Watermark Investors, Inc. acquired the Courtyard San Diego at 595 Hotel Cir. S in San Diego, CA from a private investment group led by Tarsadia Hotels for $85 million, or about $268,000 per key.
Built in 1971 on 4.1 acres in the Mission Valley submarket, the 317-room, 10-story, 171,945-square-foot hotel was renovated in 2008 as part of its conversion to a Courtyard Marriott. The award-winning hotel features a concierge, convenience store, meeting space, business center, pool and spa, and access to public transit and nearby tourist attractions including the San Diego Zoo, Old Town, SeaWorld, downtown and numerous area beaches.
Carey Watermark Investors has retained Evolution Hospitality to continue managing the hotel, a job which Evolution has performed since the hotel opened.
John Strauss, James Stockdale, and Samantha Fisher with the Jones Lang LaSalle hotels team represented the seller.
"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."
Please see CoStar COMPS #2616740 for additional information on this transaction.