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The downtown Courtyard San Diego hotel, which began life in the 1920s as a bank, has been sold for $64.5 million to Pimco, a global investment management firm headquartered in Newport Beach.
While the seller, Hersha Hospitality Trust, would not divulge the name of the buyer, Pimco is identified as the new owner by real estate tracker CoStar. It was also confirmed by Alan Reay, president of the hotel brokerage firm, Atlas Hospitality Group, based in Orange County.
The purchase price is $6.5 million less than what the 245-room hotel previously sold for in 2013, when Philadelphia-based Hersha purchased it for $71 million from its then owner, Wheelock Street Capital. Wheelock bought the hotel in 2011 for $61.1 million.
The Capitol Hill Hotel at 200 C St. SE
Hersha Hospitality Trust is continuing with its strategy of selling hotels as the industry reaches a full year since the coronavirus pandemic disrupted its business.
The REIT sold the 153-room Capitol Hill Hotel in D.C. for $51M and the 112-room Holiday Inn Express in Cambridge, Massachusetts, for $32M, a Hersha spokesperson tells
Bisnow.
Hersha announced Tuesday it sold the hotels for net proceeds of $58M. The Hersha spokesperson said the net proceed figure reflected the combined sale prices minus the outstanding debt on the D.C. hotel.
Hodges Ward Elliott announced Thursday it brokered the sales. The parties didn t disclose the buyer, and the sales haven t been posted in D.C. or Massachusetts property records.
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WASHINGTON and BOSTON, March 11, 2021 /PRNewswire/
Hodges Ward Elliott ( HWE ), the premier boutique real estate capital markets advisor, announced the sale of a hospitality portfolio consisting of the Capitol Hill Hotel, a 153-room independent hotel located at 200 C Street SE, immediately adjacent to Capitol Hill, and the Holiday Inn Express & Suites Boston, a 112-room hotel located at 250 Monsignor O Brien Highway, in Cambridge, MA.
An HWE team led by Cyrus Vazifdar, Managing Director, in addition to Jay Morrow, Managing Director, Michael Tormey, Senior Vice President and Alex Yiankes, Analyst, represented the seller, Hersha Hospitality Trust, in the transaction. Additionally, HWE s capital markets team sourced the acquisition financing for the buyer.
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