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7/22/19
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The SpringHill Suites by Marriott San Diego Oceanside/Downtown, a 149-room hotel in downtown Oceanside, has been refinanced with a new loan for $20.7 mil. Built in 2014, the all-suite, LEED-certified Silver, select-service hotel sits on just over one acre at at 110 N. Myers Street.
SpringHill Suites by Marriott San Diego Oceanside/Downtown features a rooftop lounge along with a pool and spa. Additionally, the six-story hotel houses the Hello Betty Fish House, 2.2k sf of meeting space, a 24-hour fitness center, business center, game room, complimentary breakfast buffet and two levels of subterranean parking.
The hotel is situated in the center of Oceanside’s ongoing renaissance; within the three-block area adjacent to the hotel, nearly $500 mil of new mixed-use development is either completed or under way, with hundreds of new residential units as well as retail and restaurants under construction. The hotel is also near North County San Diego’s tech cluster and within walking distance to Oceanside City Beach.
Aldon Cole, Olga Walsh and Aaron Lapping with JLL arranged the five-year, fixed-rate loan with Umpqua Bank. Loan proceeds will be used to retire existing loan, cover transaction costs and return portion of borrower equity.
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