Cornerstone Real Estate Advisors, Inc. sold the 13-story Embassy Suites San Diego Bay hotel at 601 Pacific Hwy in San Diego, CA to the Bethesda, MD-based Pebblebrook Hotel Trust REIT for $112 million, or about $334,000 per door.
The 337-suite, high-rise hotel is located on the San Diego Bayfront at Pacific Highway. It was built in 1988 and fully renovated in 2006, with nearly $3.5 million in upgrades completed in 2012. The hotel features a dramatic 12-story atrium, meeting space, a grand ballroom, heated indoor swimming pool and ground-floor retail space.
The sale included debt assumption of $66.8 million with a fixed 6.275% interest rate maturing in 2016.
The Eastdil Secured office in Santa Monica represented the seller.
Please see CoStar COMPS #2664963 for more information on this transaction.