CBRE Hotels has arranged the sale of the 224-room DoubleTree San Diego-Del Mar. CBRE Hotels represented the seller, PHF Ruby LLC an affiliate of Fillmore Capital. The buyer is San Diego-based Southwest Value Partners.
According to the San Diego Union Tribune, “While CBRE would not reveal the sale price of the hotel, it was listed as $40 million by Real Capital Analytics, a research company that tracks hotel sales throughout the country.”
Southwest Value Partners has retained Dimension Development Company as the new operating manager of the hotel, which will continue to operate under the “DoubleTree by Hilton” license. The firm will also improve the asset through targeted capital investment and a focus on “providing premium hospitality services to hotel guests,” according to a press release.
The 5-story hotel property originally opened in 1991 and underwent a partial renovation in 2012. Located on El Camino Real in Carmel Valley near the junction of Interstate 5 and State Route 56, the asset offers convenient access to many local San Diego leisure and corporate demand generators, the press release stated.
Bob Kaplan and Rod Apodaca, senior vice presidents for CBRE Hotels, acted as exclusive agents for the seller.
According to Apodaca, “The Del Mar DoubleTree’s exceptional location, desirable brand and physical condition made it one of the most compelling transactions in the San Diego market in recent years.”
For more information, visit www.cbrehotels.com.