(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).
SAN DIEGO-Chesapeake Lodging Trust has acquired the 210-room Hotel Indigo San Diego Gaslamp Quarter located in San Diego for $55.5 million, or approximately $264,000 per key, from InterContinental Hotels Group. The company funded the acquisition with a borrowing under its revolving credit facility.
Chesapeake Lodging Trust entered into a long-term management agreement with IHG to continue operating the hotel under the Hotel Indigo flag. James L. Francis, Chesapeake’s CEO points out that “The Hotel Indigo San Diego Gaslamp Quarter, recently built in 2009 as a showcase asset for IHG and its Hotel Indigo brand, is an exciting hotel for us as we enter the San Diego market.”
According to Francis, “The hotel will continue to benefit from the growing strength of the locally inspired Hotel Indigo brand, the management expertise and track record of IHG, and the recovery of the San Diego lodging market.”
The Hotel Indigo San Diego Gaslamp Quarter, located at 509 9th Ave., is a full-service, upscale boutique property and the city’s first LEED-certified hotel. The hotel features well-appointed modern guestrooms and suites, approximately 1,500 square feet of meeting space, a business center, a fitness center, a parking garage and two food and beverage outlets. Table 509 Bar and Kitchen specializes in menu selections with locally grown produce and the freshest ingredients, while Level 9 Rooftop Bar offers outstanding views of San Diego and center field of PETCO Park, home of the San Diego Padres.
The 12-story building is located in the heart of the historic Gaslamp Quarter, just one block from PETCO Park and a short walk to the San Diego Convention Center. According to a prepared release, the hotel’s strategic location in downtown San Diego “makes it easily accessible to numerous attractions, including the San Diego Zoo, Seaport Village, Coronado Island, Balboa Park and many outstanding beaches.”
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.
