The 235-room property sits in Downtown San Diego's Gaslamp Historic District, two blocks from Petco Park and three blocks from the San Diego Convention Center. According to Jon Bortz, chairman and CEO of LaSalle Hotel Properties, the firm was interested in adding to its presence in the Gaslamp Quarter.
Bortz says the property is "in the heart of the fastest growing area of Downtown San Diego, and it's just two blocks from our Hilton Gaslamp Quarter Hotel." LaSalle picked up that property in early 2005 for $85 million or $301,000 per room.
According to Alan X. Reay, president of Costa Mesa, CA-based the Atlas Hospitality Group, LaSalle's the Hilton Gaslamp and Hotel Solamar are among only three properties in the area that have topped the $300,000 per room number since 2005. "The historic Hotel Del Coronado sold for upwards of $1 million per room, but that was more of an anomaly," Reay tells GlobeSt.com.
The Hotel Solamar includes 8,800 sf of meeting space, 2,000 sf of unfinished street-front space available for retail and the trendy Jsix restaurant. Reay says the hip, boutique Solamar is "a New York quality property."
The site has a long-term ground lease with Sycuan Tribal Development Corp. that will remain in place. Kimpton will stay on as manager as the firm has a strong relationship with LaSalle, managing seven more of the firm's properties in Washington, DC, Boston and Seattle.
"The Hotel Solamar has been a very successful project for JMI Realty and the City of San Diego," says John Kratzer, president of JMI Realty. "With the assistance of Kimpton, we created a boutique hotel emphasizing high design… and an experience unique to the area."
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