The 353-room San Diego Marriott Mission Valley has been acquired by Miami-based Driftwood Acquisitions and Development for $85.7 million. Driftwood, a privately held investment firm, plans to develop a second hotel on the same site to open in 2021, according to a news release.
The firm is now looking for investors to co-invest in the hotel.
Built in 1988, the Marriott Mission Valley hotel’s common areas were renovated in 2017. As part of the purchase, Driftwood plans to carry out a multimillion-dollar renovation of all guest rooms and the outdoor pool area as part of the purchase.
“San Diego’s diversity of demand generators has made the area a leading year-round destination for business and leisure travelers,” Carlos J. Rodriguez, chairman and chief executive officer of Driftwood, said in a statement. He added that in 2018, San Diego hosted almost 36 million visitors who spent $11.5 billion during their stay.
Travel & hospitality reporter Mariel Concepcion can be reached at email@example.com or 858-634-4625.