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4/07/15
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An affiliate of Oak Coast Properties LLC purchased the 219-room Doubletree San Diego-Hotel Circle for $49 mil. The acquisition consisted of purchasing the leasehold and the land from two locally-based investment entities in two separate transactions that closed concurrently.
Oak Coast is planning to undertake a $2.7 mil renovation to the hotel as part of a value-add strategy aimed at maximizing revenue. The property will be managed by Portfolio Hotels & Resorts and will continue operating under the Doubletree by Hilton flag.
The eight-story hotel property includes the Panini Restaurant, meeting and event space, outdoor pool and spa, and a five-story parking garage. Located off I-8 on Hotel Circle South, the property offers guests convenient access to all of San Diego’s world famous leisure attractions. Originally built in 1970, the property has undergone extensive renovations and modernization over the years and continues to be one of the top market performers in San Diego.
Bob Kaplan and Rod Apodaca of CBRE Hotels acted as exclusive agents for the undisclosed sellers.
According to Kaplan, “The Doubletree will continue to be one of the market’s top performers due to its great Mission Valley location with easy freeway access and proximity to San Diego’s world famous beaches, SeaWorld, Zoo, Gaslamp, Convention Center and nearby shopping and dining venues.”
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