The 219-room Doubletree San Diego-Hotel Circle, in Mission Valley, Calif., a neighborhood of San Diego, has sold for $49.25 million to Oak Coast Properties, a four-year-old investment firm that invests in retail, residential and hotel properties, U-T San Diego. The deal comes on the heels of the sale last week of San Diego's Grand Del Mar.
The seller was Newport Beach-based Tarsadia Hotels and a group of Las Vegas investors.
The deal involved two transactions, one a leasehold and the other land, which together totaled $49.25 million, according to CoStar Group.
“This was an opportunity for us to acquire a well-positioned asset with a world class brand in a very strong sub market of San Diego, Mission Valley,” Phillip Nahas, a managing partner with Oak Coast, told U-T San Diego. “San Diego’s economy and tourism, and this location, coupled with our renovation plans, make it an ideal investment for us.”
He said Oak Coast has plans to renovate hotel, including guestrooms and public spaces.
Portfolio Hotels & Resorts will manage the property, which sold for about $224,000 on a key-per basis—a fair price noted Orange County hotel analyst Alan Reay.