San Diego, CA

Park Hotels Sells 25% Stake In San Diego Hotel For $102M – Law360

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2 years ago

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By Nate Beck (June 1, 2022, 2:59 PM EDT) — A Park Lodges & Resorts affiliate will promote its 25% stake in a joint possession enterprise for a virtually 1,200-room lodge in San Diego to Sunstone Resort Buyers Inc., in accordance with an announcement Tuesday, permitting the lodging trade REIT to consolidate its possession of the lodge.

Sunstone will purchase Park Lodges’ minority stake within the Hilton San Diego Bayfront Resort, assuming the agency’s $55 million current mortgage mortgage on the property, in accordance with a information launch. The value places the valuation of the lodge at $628 million, or $528,000 a key, after accounting for a $220 million secured mortgage on the…

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