SAN DIEGO-Jones Lang LaSalle Hotels’ financing team has secured two non-recourse first mortgages on behalf of Clearview Hotel Capital LLC. Morgan Stanley issued a $20 million, fixed-rate loan for the 176-room Courtyard San Diego Old Town, while Latitude Management Real Estate Investors Inc. provided a nearly $12.16 million, floating-rate loan for the 125-room Holiday Inn Express San Diego Old Town.
Leading the Jones Lang LaSalle Hotels team on the financing were executive vice president Mathew Comfort, senior vice president Reid McGlamery and managing director Chris Casey.
“These properties were extremely appealing to lenders, as they are both located in the historic Old Town district of San Diego, which benefits from a strong regional economy buoyed by a diverse base of corporate demand drivers,” says Comfort. “Both hotels have maintained a significant demand premium to achieve occupancy levels consistently higher than their competitive sets.”
McGlamery adds that “During the fourth quarter of 2010, the San Diego lodging market experienced a 7.2% RevPAR growth, driven largely by a 6.9% increase in occupancy, as it is one of the most popular tourist destinations in the United States,” adds McGlamery. “The continued growth in this high-barrier to entry market, coupled with exceptional sponsorship, made these prime financing opportunities for lenders.”
The Courtyard San Diego Old Town and Holiday Inn Express San Diego Old Town are located near world famous attractions including Sea World, the San Diego Zoo, and Mission Bay beaches. Additionally, San Diego benefits from significant group demand generated by the San Diego Convention Center, which hosts nearly 800,000 attendees per year.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
