Neptune Hospitality Advisors Arranges Sale of San DIego Hotel
SAN DIEGO, CA, May 15, 2006. Neptune Hospitality Advisors announced today that it has arranged the sale of the 68-room StayBridge Suites Hotel located in downtown San Diego, California. The hotel sold to Trendwest Resorts, Inc, a subsidiary of Cendant Timeshare Resort Group, Inc. Trendwest plans to convert the hotel into a timeshare property. The sale price was not disclosed.
The StayBridge, which opened in early 2004, is actually a 78-year old building formerly known as the Riviera Apartments/Hotel. It was completely renovated and converted to a hotel in December 2003 with the facade remaining as it was. The seller, an affiliate of Shapery Enterprises, plans to build a 40-story high-rise condominium on what is now the parking lot. The two projects will eventually share parking and a few select amenities.
"This transaction represents one of two recent downtown San Diego deals involving Neptune and Cendant," noted Mike Armstrong, president of Neptune. In 2005, Neptune arranged the sale of Hotel Prava, a boutique, all-suite hotel, to Cendant which gave them a foothold into downtown for their vacationing customers. "Cendant had so much demand for downtown accommodations that they needed additional suites," added Mr. Armstrong.
Neptune Hospitality Advisors is a real estate investment bank dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and sophisticated approach to providing investment sales, capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.
For more information, contact Michael D. Armstrong at (858) 964-5678 or email mike@neptuneha.com or view the company website at www.neptuneha.com.
Neptune Hospitality Advisors, Inc.
The Aventine Building
8910 University Center Lane, Suite 420
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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