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$10M Buys Lafayette Hotel

SAN DIEGO-The historic hotel is located at 2223 El Cajon Blvd. in the city. The buyer, Hampstead Lafayette Hotel LLC, plans to renovate the historic portion of the building and construct a 250-unit condo project on the balance of the site.

By Erin Cassin | Updated on April 07, 2004

SAN DIEGO-Less than a month after a Lennar Communities partnership acquired a historic facility and adjacent parcel in the city with plans to build condos on the site, the developer is at it again. A separate Lennar partnership, which involves Hampstead Partners, has picked up the historic Lafayette Hotel in a deal valued at $9.6 million and plans to construct condominiums on part of the site. The buyer, known as Hampstead Lafayette Hotel LLC, intends to renovate the historic portion of the Lafayette Hotel and build a 250-unit, 14-story condo project on the balance of the 2.4-acre site. The property, which stands at 2223 El Cajon Blvd. in the North Park area of San Diego, dates back to 1946. A landmark with a storied past, the asset will be transformed into a 90-room boutique hotel in its newest incarnation. Victor Krebs of Colliers International acted on behalf of both Hampstead Lafayette Hotel LLC and seller InnSuites Hotels & Suites in the recent transaction.A separate Lennar partnership, known as Lennar-Intergulf LLC, purchased a historic facility and adjacent parcel Downtown last month. That entity, which involves Intergulf Development, shelled out $11.9 million for the two assets–$9.2 million for the historic facility and $2.7 million for the neighboring lot. The historic facility, which once served as a grain mill, stands on a 40,000-sf site at 820 Ash St. The adjacent 10,000-sf parcel is nearby at 1405 Pacific Highway. The partnership plans to build a 180-unit luxury condominium complex on the site, with construction slated to begin in the first quarter of 2005.

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