Fresh from a multimillion-dollar renovation, Downtown San Diego's all-suites luxury hotel has a new owner, and a new format to boot: Vacation ownership under a Marriott Vacations Worldwide flag.

Marriott Vacations Worldwide has paid $52.65M, or some $199,400/room, for the hotel from NYC private equity fund Westbrook Partners, according to Irvine-based Atlas Hospitality. Marriott's Ed Kinney says the company intends to operate The Declan as a hotel for the remainder of the year before converting the property to timeshare ownership. Ed says the fact that The Declan now operates as a suites hotel makes it ideally suited for conversion into ownership. "We're not making any major changes," he says. The 264-room hotel at 701 A St completed a huge reno after going independent from Starwood Hotels & Resorts' Sheraton brand in 2013.  Marriott Vacations Worldwide also operates the San Diego Marriott Marquis & Marina and the Coronado Island Marriott Resort & Spa as part of its vacation ownership plan.