The Deal of the Week was the sale of the 417-room, Michael Graves-designed Hyatt Regency La Jolla at Aventine hotel at 3777 La Jolla Village Drive and the adjacent 28,000-square-foot building at 8930 University Center Lane, San Diego, for $92,732,500. The sale was announced in late April for $118 million.
The buyer was W-JMA La Jolla Owner VII LLC, a joint venture of JMA Ventures LLC of San Francisco and Walton Street Capital LLC of Chicago.
The acquisition was financed by an $80 million loan from Bank of America (NYSE: BAC).
The seller was New Aventine LLC, a joint venture of Strategic Hotels & Resorts (NYSE: BEE) (53.5 percent) and GIC Real Estate Pte Ltd., the Singapore government's real estate investment arm.
The hotel and adjacent building were constructed in 1990 on 4.75 acres.