The Andaz San Diego hotel in the Gaslamp Quarter has been sold for approximately $53 million, according to financial data provider Real Capital Analytics.
The buyer was Inland Real Estate Group of Oak Brook, Ill., and the seller was San Diego-based Kelly Capital Group.
The six-story, 159-room hotel is in a building dating back to 1914 at 630 F St., and was once known as the Maryland Hotel. It became The Ivy Hotel in 2007 and converted in 2010 to Hyatt Hotels Corp.’s upscale Andaz boutique brand.
The buyer is a privately held investment firm that financed its purchase in part with a $26.5 million loan from Wells Fargo & Co., according to Real Capital Analytics.
— SDBJ Staff Report