The seller, Square Mile Capital Management LLC, is a real estate investment firm based in New York. JLL’s Hotels & Hospitality Group, led by International Director John Strauss and Senior Vice President James Stockdale, represented Square Mile in the transaction.
“Institutional-quality hotels unencumbered by management are an extremely rare investment opportunity,” said Stockdale. “San Diego’s lodging market performance is strong and there was significant interest in this property.”
The San Diego Airport Hilton is located along San Diego’s waterfront and is less than one mile away from San Diego International Airport. The hotel was extensively renovated in the early 2000s when the hotel became part of the Hilton Worldwide brand. The nine-story building features 211 guestrooms and nearly 9,000 square feet of meeting and banquet space. Bartell Hotels plans for an additional $5 million in upgrades.
“The San Diego Airport Hilton is a great fit within our portfolio of waterfront hotels,” said Richard Bartell, president of Bartell Hotels. “This hotel is representative of the iconic San Diego experience and an important step in expanding our footprint in the region.”