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Hilton Sells for $35M

SAN DIEGO-Apple Suites Realty Group Inc. picks up the 200-room Hilton Garden Inn for $34.5 million. The sale represents just one of the multiple hotel transactions closing recently in the San Diego area.

By Amanda Paxson | Updated on May 30, 2006

SAN DIEGO-The San Diego hotel market continues to make waves with the recently-completed Hilton Garden Inn in Rancho Bernardo selling for $34.5 million. Hospitality REIT Apple Suites picked up the 200-room property, adding to their 64-hotel portfolio.

The seller was Bernardo Ventures LP, a joint venture between Presidian Companies of San Antonio and Pacific Hotel Investors, based in Santa Barbara. Jones Lang LaSalle Hotels arranged the transaction.

Completed in December 2004, the Hilton Garden Inn “has seen extraordinary gains in both average daily rate and occupancy,” says Los Angeles-based John Strauss, a senior vice president for Jones Lang LaSalle. Strauss says that given the accelerated movement of the hotel market, the acquisition will be among the county’s prime assets.

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