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1/24/22
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MIG Real Estate LLC has purchased two hotels totaling 299 rooms in Old Town San Diego. The acquisitions include the Courtyard San Diego Old Town, at 2435 Jefferson St, and the Fairfield Inn & Suites San Diego Old Town, at 3900 Old Town Ave.
The Courtyard was built in 1987 and offers 176 rooms with 3.4k sf of meeting space, while Fairfield Inn & Suites, built in 1988, has 123 rooms and 2.7k sf of meeting space. Amenities at both properties include onsite parking garages, fitness centers, and outdoor swimming pools. Additionally, The Bistro, a casual, American-style restaurant, is located inside the Courtyard and offers visitors and locals alike food options for breakfast and dinner.
Both properties are Marriott-branded hotels and were acquired by MIG Real Estate in line with their objective to invest in quality, value-add hotel product in markets with proven operating dynamics. Both hotels will continue to be operated by Dolphin Hotel Management.
MIG Real Estate plans to ensure the properties offer a premium product by overseeing continuous capital improvements and completing Property Improvement Plans in accordance with Marriott standards. The Courtyard may even see some immediate investments in areas such as landscaping upgrades, signage replacement, exterior paint, and a remodeled lobby.
The sale was brokered by CBRE Hotels’ Michael DiPrima and Diana Simpson.
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