Newport Beach, California – April 7, 2015 – CBRE Hotels arranged the sale of the 219-room DoubleTree San Diego-Hotel Circle. The sellers, two locally-based investment entities, sold the property to an affiliate of Oak Coast Properties LLC, a Southern California-based real estate investment company. The buyer purchased the leasehold and land in two separate transactions that closed concurrently. The property will be managed by Portfolio Hotels & Resorts and will continue operating under the DoubleTree by Hilton flag. Financial terms of the sale were not disclosed.
The eight-story hotel property includes the Panini Restaurant, meeting and event space, outdoor pool and spa, and a five-story parking garage. Located off Interstate 8 on Hotel Circle South, the property offers guests convenient access to all of San Diego’s world famous leisure attractions. Originally built in 1970, the property has undergone extensive renovations and modernization over the years and continues to be one of the top market performers in San Diego.
Bob Kaplan and Rod Apodaca of CBRE Hotels acted as exclusive agents for the undisclosed sellers.
According to Mr. Kaplan, “The DoubleTree will continue to be one of the market’s top performers due to its great Mission Valley location with easy freeway access and proximity to San Diego’s world famous beaches, SeaWorld, Zoo, Gaslamp, Convention Center and nearby shopping and dining venues.”
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 265 dedicated hospitality professionals located in 40 offices across the globe. For more information, please visit our website at www.cbrehotels.com.
About 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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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