CBRE Hotels Arranges Two Hotel Sales in San Diego
Comfort Suites San Diego-Miramar and Holiday Inn Express San Diego-Mira Mesa Sold
NEWPORT BEACH, CA. October 16, 2017 – CBRE Hotels has arranged the sale of the 132-room Comfort Suites San Diego-Miramar and the 75-room Holiday Inn Express San Diego-Mira Mesa for an undisclosed amount to Two Pack Hotel LP, an affiliate of Excel Hotel Group.
Bob Kaplan, Rod Apodaca, and John Karver of CBRE Hotels acted as exclusive agents for the sellers, LLJ Ventures.
The Comfort Suites and Holiday Inn Express are adjacent hotels on 3.72 acres in the Mira Mesa/Scripps Ranch area in the northeastern part of San Diego; conveniently located along Interstate-15 (I-15) at Mira Mesa Boulevard. The Comfort Suites was built in 1987 and the new buyer is planning to implement an extensive renovation. The Holiday Inn Express was built in 2001 and recently underwent a Formula Blue refresh by the seller.
According to Mr. Kaplan, “These well-located properties are exceptional value-add opportunities since the buyer will continue renovations and implement their management expertise.”
CBRE Hotels is a specialized team within CBRE, providing advisory, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.
CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Excel Hotel Group
Excel Hotel Group is a San Diego-based, fully integrated property ownership, management, and development company in the midst of exciting growth. The Company has maintained an exceptional track record by creating value through the application of expert renovation, rebranding, and repositioning of hotels. Currently, Excel Hotel Group operates 19 hotels with several hotels in development.
About LLJ Ventures
LLJ Ventures is the private equity arm of the LM Group, which was founded in 1983 in San Diego, CA. The group manages more than $9 billion today, which is a combination of pension fund money invested in fixed income securities, high net worth management in public markets and private equity investments. LLJ Ventures manages a diversified commercial real estate portfolio worth more than $1.2 billion invested in different asset classes throughout the United States.
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