Tampa, Fla. (February 2, 2016) – The Plasencia Group is pleased to announce the sale of the Marriott San Diego Del Mar hotel, located in San Diego, California. The firm represented the seller of the 284-room hotel. San Diego-based private real estate investment firm Southwest Value Partners, Managing Partners Mark Schlossberg and Cary Mack, acquired the property. Southwest Value Partners separately acquired the neighboring Hilton DoubleTree Del Mar hotel in the first quarter of 2015.
Robert Wiemer, Senior Vice President of The Plasencia Group commented, “Our client and the purchaser both met their stated goals with this transaction. The seller was able to achieve an excellent return for their investors while the purchaser acquired its second asset in the affluent Del Mar submarket, realizing both strategic economies of scale and the capacity to increase performance through value-add improvements and operational adjustments.”
“The Marriott will continue to benefit from the strong fundamentals of the San Diego market, where RevPAR routinely ranks among the highest in the country year-round,” added Nick Plasencia, Vice President of the Plasencia Group and member of the disposition team.
The Marriott Del Mar enjoys an ideal location in the attractive and affluent Del Mar submarket of San Diego, just twenty miles north of downtown San Diego and San Diego International Airport. The hotel’s proximity to spectacular beaches, refined shopping and dining options and an abundance of Class-A office space make it an attractive option for leisure and business travelers alike. The Plasencia Group has now advised on the sale of 27 hotels in California and 48 Marriott properties.