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3/01/21
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The Courtyard San Diego Downtown, a 245-key hotel located in Downtown San Diego, traded hands in a $64.5 mil ($263.3k/key) transaction. The asset was sold by Hersha Hospitality Trust.
The historic Courtyard San Diego Downtown is a 14-story building featuring a lobby restaurant available for breakfast, lunch, dinner and a full bar; billiards room; 24-hour fitness center; and various amenities including in-room dining service, same day laundry and dry-cleaning service; and valet parking.
The property was originally built in 1927 as the San Diego Trust & Savings Bank. It was converted to a hotel in 1999 and most recently renovated in 2013.
The hotel benefits from atypical Courtyard by Marriott design features such as the towering 32-foot-high ceilings in the grand lobby along with 35 marble columns from the U.S., Europe and Asia. It offers nearly 4.8k sf of meeting space including the popular Safe Deposit Room boasting the original, 47,000-pound Mosler Safe Company vault door from 1928.
Located at 530 Broadway, the hotel is prominently located in the heart of downtown, proximate to over 10 msf of office space, with the area expecting a rise in corporate, technology and life science demand in coming years. Additionally, the Courtyard San Diego benefits from nearby Petco Park, the bustling Gaslamp District, USS Midway Museum and the San Diego Convention Center.
John Strauss, Scott Hall, Mike Huth and Aaron Lapping with The JLL Hotels & Hospitality team represented the seller in the deal. JLL also secured the acquisition financing on behalf of the unnamed buyer.
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