California hotel property sales hit a record of $5.3 billion in 2011, with the $570 million sale of San Diego’s Manchester Grand Hyatt coming in as the biggest U.S. transaction, according to a report released March 5 by Atlas Hospitality Group.
Alan Reay, president of Irvine-based Atlas, said California transactions beat a previous record dollar volume of $5.1 billion set in 2006. A total of 316 hotels changed hands statewide last year, up 90 percent from 2010, and the total dollar volume of property sales was up 199 percent.
San Diego County experienced a year-over-year increase of more than 650 percent in dollar volume, topping $1.8 billion. The number of hotels sold locally rose 180 percent, going from 15 to 42.
The county’s average price paid per room rose 30.2 percent, and the median price per room was up 50.2 percent.
— Lou Hirsh