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LaSalle Picks Up $87M Hotel Solamar

SAN DIEGO-Developer JMI Realty sells the 235-room boutique hotel it opened in April 2005. The chic property includes 8,800 sf of meeting space.

By Daniel D. Williams | Updated on August 02, 2006

SAN DIEGO-After opening Hotel Solamar in April 2005, local developer JMI Realty LLC has sold the property to Bethesda, MD-based LaSalle Hotel Properties for $87 million or $370,000 per room. That figure is at the high-end mark for the area, according to one industry expert. The chic Hotel Solamar is operated by Kimpton Hotel & Restaurant Group LLC.

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.

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