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Updated about 8 years ago,
Off Market Branded Hotel Deal in San Diego - In Place 7.5 Cap
Long time owner and operator of a midscale flagged hotel in the San Diego area is looking to retire and is motivated to sell his hotel. The hotel has been listed before but the major brokerages haven't been able to get the sale done. My close friend who is close with the current owner previously owned and developed the same branded hotel so he knows the ins and outs of working with the franchise. He is helping the owner sell the hotel and looking for buyers.The hotel itself is 76 keys and located in the San Diego Metro area and close to Downtown San Diego....it actively earns business for the Greater San Diego tourism, conventions, and special events.
The hotel is located on a huge under developed lot. The city is very pro-development so this could be a huge opportunity for a developer. The deal is available in the $9m range and has an inplace 7.5% cap rate, which is strong for Southern California. Please let me know if you are interested and I'll put you in touch with my friend. The play is to buy the hotel, earn the 7.5% cap rate income (10% levered cash on cash), get the whole property entitled to build a much larger hotel and sell the hotel with entitlements.
- Nabil Suleiman
- nabil@nabilre.com
- 6619041725