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Boykin Sells $23M Hotel Property

SAN DIEGO-Cleveland-based Boykin Lodging Co. sheds the Hampton Inn San Diego Airport/Sea World property for $23 million. The 197-room hotel brought $116,000 per room.

By Daniel D. Williams | Updated on November 21, 2005

SAN DIEGO-Boykin Lodging Co., a Cleveland-based hotel REIT, has sold the Hampton Inn San Diego Airport/Sea World property for $23 million. The firm had owned the hotel in a joint venture with Outrigger Lodging Services.The JV sold the property to an unrelated third party, according to an official statement released by Boykin. Sale of the 197-room property fetched $116,000 a key.While officials with Boykin were unavailable for comment, another industry expert says the firm most likely sold due it being a great time to be a seller in the local hospitality market as well as the company’s mission. “Boykin has been in a disposition mode for a while now,” says Clyde Guinn, Senior VP of Operations for San Francisco-based Stanford Hotels Corp.Stanford owns and operates the San Diego Marriott Gaslamp Quarter Hotel, a 306-room property that the firm brought to market earlier this year after a major reconstruction project. In recent years, San Diego has been one of the top two hotel markets in the country, along with Las Vegas, says Guinn. “They were the only two markets in the country not affected by 9/11 or by the recent recession,” Guinn tells Globest.com. High prices in San Diego real estate have helped keep supply relatively stable. He points to the Omni Hotel and Hotel Solomar coming on line as well as the overhaul of the Marriott as a few of the exceptions.As for the Hampton, the property’s submarket made it an attractive buy, according to Guinn. He says the property advertises itself as airport/Sea World, which is a little bit of a stretch, because you have a bit of a drive between the two, but its proximity to Sea World, provides the hotel with year-long traffic. “Sea World keeps cranking 12 months a year,” Guinn says. “You can’t do that everywhere.”

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