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Historic downtown San Diego hotel sold for third time in last decade

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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. ....

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