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Triumphing With Multiple-Conversion Properties

SAN DIEGO—Buying a hotel that used to be an apartment complex to convert it back to apartments has its complexities. HFF's Hunter Combs tells GlobeSt.com how his team led the SENTRE through the complicated transaction.

By Carrie Rossenfeld | carrierossenfeld | Updated on January 23, 2017

Hunter Combs Combs: “Apartment valuation trumps hotel valuation, so it makes sense to investigate that alternative.”

SAN DIEGO—Buying a hotel that used to be an apartment complex in order to convert it back to apartments has its complexities. Holliday Fenoglio Fowler L.P.‘s investment sales team, led by director Hunter Combs and managing director Scott Hall, alongside the firm’s debt-placement team led by senior managing director Aldon Cole, recently represented buyer SENTRE in the acquisition, financing and repositioning of the Sommerset Suites Hotel into an 80-unit boutique apartment community named the Whitson in the Hillcrest neighborhood of San Diego.

SENTRE purchased the hotel free and clear of existing debt. Working on behalf of the new owner, HFF placed the five-year, fixed-rate loan with a life insurance company. Loan proceeds will be used to purchase the hotel and fund the repositioning.

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