SAN DIEGO—PCCP LLC has provided a $31.2 million senior loan to refinance the W Hotel San Diego on behalf of a joint venture between Rockpoint Group and SCS Advisors. The new loan allows the ownership to complete its business plan and create additional value, explains Mike Johnson, associate vice president with PCCP.
The 258-room full-service hotel is well located in Downtown San Diego with convenient access to the San Diego Convention Center, Gaslamp district, Class A office buildings, and City and County offices. According to San Diego Convention Corp., Smith Travel Research and PKF Hospitality research, the Downtown San Diego hotel market includes 17,200 rooms across 80 hotels and is driven by business travelers, the Convention Center, and demand from entertainment and sporting events attendees.
“With a 12% increase in Convention Center attendance from 2013 to 2014, hotel demand is expected to increase in the coming years with the proposed Convention Center expansion and continued market recovery.”
Built in 2002, the 17-story luxury hotel features the Kelvin restaurant, the Rooftop Bar, 16,000 square feet of meeting space, and the lobby lounge and bar. Additional amenities include a fitness center, business center, outdoor heated pool, and in-room spa services. Since its acquisition in 2011, the ownership has made significant capital improvements to the property, including a complete renovation of the lobby and rooftop lounge, doubling the meeting space, and updates of the guestrooms.
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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.
