Private real estate investment trust Wheelock Street Capital announced Monday it acquired the 90-room Courtyard by Marriott San Diego Gaslamp and the 126-room Moxy San Diego Downtown/Gaslamp Quarter from San Diego-based J Street Hospitality. The price of the deals were not disclosed.
Chris Mejia, principal at Wheelock Street Capital, said in a news release announcing the deal the San Diego market has exceeded expectations, and the properties they acquired will continue to be a premier destination for convention, business and leisure travelers.
“The properties are an excellent fit for our current acquisition criteria given their institutional quality, A-plus locations within the Gaslamp Quarter, and strong positioning within a market exhibiting a rapid recovery fueled by multiple demand generators,” Mejia said in the release.
Island Hospitality, which has a portfolio of more than 75 hotels across the U.S. and a large presence in California, will manage both hotels.