SAN DIEGO Sunstone Hotel Investors is in the process of finalizing the purchase of the 1,625-key Manchester Grand Hyatt in San Diego, according to a letter from Sunstone to San Diego Unified Port District, which acts as the hotel’s landlord.
The hotel is owned by Doug Manchester, who has been the subject of much criticism and boycotts for his public opposition to gay rights initiatives in California and elsewhere.
If the transaction is completed, Manchester would gain an unspecified minority interest in Sunstone, a 30-property REIT based in Aliso Viejo, California.
Hyatt Hotels Corp. had been in negotiations to acquire the property, but those talks have ceased, the company confirms. Hyatt would continue to operate the property if it is sold to Sunstone.
The port district is expected to discuss the sale in September, The San Diego Union-Tribune reports. A purchase price has not been publicly disclosed.