Mission Plaza Hotel & Suites Sold
03 September 2010 8:59 AM
IRVINE, Calif., September 1 / -- Atlas Hospitality Group announced the sale of the lender-owned Mission Plaza Hotel & Suites near SeaWorld in San Diego, California. Atlas Senior Vice Presidents Tim L. Edgar and Sachin J. Shah represented both the seller, an affiliate of Miami-based special servicer LNR Partners, Inc., and the buyer, an affiliate of Reven Capital and Jet Stream Hotels & Resorts.
The 316-room property was taken through foreclosure in May. Features include an on-site 24-hour restaurant, an outdoor heated swimming pool, a fitness room and over 2,500 square feet of meeting space.
Reven Capital Chairman & CEO Chad Carpenter stated, “This deal is an example of the current investment opportunities that are available today as a result of the worst recession since the great depression. There are tremendous opportunities now to acquire good real estate in all asset classes with significant upside at a fraction of cost from lenders who have foreclosed. Hotels have been hit very hard by the recession and most all hotels are worth less than 50% of what they were worth just two years ago”.
Jet Stream Hotels & Resorts will have an affiliate manage the hotel on behalf of the new ownership and will work on repositioning the asset with a new brand/flag, minor improvements and upgrading the rooms as needed with case goods and flat-screen televisions. The hotel is in a very good San Diego location. It’s strategically located close to the beaches, Sea World, the San Diego Zoo, Balboa Park, Downtown and the San Diego International Airport.
“The property has suffered since losing its franchise affiliation and through the foreclosure process, so this is a perfect opportunity to reposition this asset into the mid-market segment,” Edgar said. “It’s also a smart business decision because it’s difficult to operate over 300 guestrooms without a reservation system.”
For more information, please contact Atlas Senior Vice President Tim L. Edgar at [email protected] or 949.622.3400, ext. 408.