Iconic Mission Valley Crowne Plaza Hotel Sells To Private Investor
The 419-room Crowne Plaza Hanalei at 2270 Hotel Circle North in San Diego’s Mission Valley submarket has been sold to a private client of Brighton Management, a national hotel management firm, for an undisclosed price.
Local hotel investment expert Robert Rauch, CEO of RAR Hospitality, estimates the value of the deal at $50M. Calling this asset a good opportunity, he told Bisnow, “With $20M in renovations, the property’s value should be close to $80M—a $10M gain. So there is risk to a buyer, but fast rewards.”
CBRE Hotels’ SVPs in the Newport Beach office Bob Kaplan and Rod Apodaca, arranged the sale and repped the seller, Hanalei Associates LLC, with Multi-Ventures Inc as managing member. Bob said the new owner is planning significant renovations and upgrades to the property.
An iconic Mission Valley landmark, the Crowne Plaza is a full-service hotel and occupies a 10-acre site. Its location along the I-8 freeway offers easy access to popular tourist attractions, including the San Diego Zoo and Balboa Park; SeaWorld; Old Town; and Downtown San Diego and all its attractions, including the Gaslamp Quarter and San Diego beaches.
