Carey Watermark Investors (CWI), New York City, has acquired the Courtyard San Diego Mission Valley/Hotel Circle.
The 317-room hotel includes approximately 7,000 sq ft (650 sq m) of meeting space, Bistro Cafe restaurant with Starbucks espresso bar, lounge, 24-hour market, business center, fitness center, outdoor pool and whirlpool and 349 parking spaces.
CWI’s total investment in the property is approximately US$90 million, including acquisition-related costs and US$51.5 million of debt. The property was acquired from a private investment group for which Tarsadia Investments is the agent.
“The hotel was completely renovated and upgraded — including guestrooms, lobby and back of the house — when it was converted to a Courtyard in 2008,” said Michael Medzigian, chief executive officer of CWI. “As a result, we are acquiring a totally updated property that also benefits from its long established central location within the greater San Diego area, by many counts one of the best-performing lodging markets in the nation. The location and physical quality, together with consistent performance and strong brand and in-place cash flow, make it a solid addition to our portfolio.”