Core Capital, Downtown Properties JV Buys 150-Key Hyatt Place San Diego
- Nov 07, 2014
A joint venture affiliated with Irvine, Calif.-based Core Capital Investments and Downtown Properties has acquired the 150-key Hyatt Place San Diego from an entity controlled by ABA Development for a reported $22 million.
CBRE Hotels in Newport Beach represented the seller in the deal.
“The appeal was newer attractive construction, a strong expanding market for both leisure and corporate, and the quality Hyatt Place brand,” Rod Apodaca, senior vice president for CBRE Hotels in Newport Beach, told Commercial Property Executive. “There was a limited supply of quality hotel product in the Southern California market and a large number of very active buyers.”
Located at 2645 South Melrose Dr. in Vista, Calif., the premium, select-service branded hotel opened in July of 2012. It offers a 24-hour fitness center for its guests, as well as free Wi-Fi and a complimentary morning hot breakfast served daily.
The property is located in one of the top submarket’s of San Diego with established and expanding leisure attractions, a burgeoning local airport, and a corporate center that is slated to continue to grow even further with a number of office park developments. It also offers convenient access to Interstate 5 and regional access via Highway 78.
“The area benefits from being centrally located between major corporate demand generators plus the added appeal of a short drive to Legoland and other area attractions,” Apodaca added. “This asset offered an exceptional opportunity for a new owner to capture untapped market share within the Vista/Carlsbad region.”