Carey Watermark Investors Inc. of New York City has purchased the 317-room Courtyard San Diego Mission Valley hotel for approximately $85 million.
The seller was a private investment group represented by Newport Beach-based Tarsadia Investments, according to a statement from brokerage firm Jones Lang LaSalle Hotels, which represented the seller.
The property on Hotel Circle underwent a comprehensive renovation in 2008 as part of its conversion to the Courtyard by Marriott banner, including guestrooms, lobby and internal facilities. Evolution Hospitality, the management team responsible for the hotel since its opening, will continue to manage the property for the new owners.
In its own statement, Carey Watermark said its total investment will be approximately $90 million, including acquisition-related costs and the assumption of $51.5 million of debt. Carey Watermark is a publicly registered, non-traded real estate investment trust that invests primarily in the lodging and lodging-related sectors.
— SDBJ Staff Report