New York City-based Carey Watermark Investors Inc. has reportedly acquired the 317-room Courtyard by Marriott Mission Valley hotel.
The exact value of the transaction wasn’t clear as the documents were not yet available. Carey Watermark billed the deal as a $90 million transaction that included $51.5 million in debt. Jones Lang LaSalle (NYSE: JLL), which handled the transaction, put the value at $85 million.
The property at 595 Hotel Circle South was acquired from a private investment group for which Tarsadia Investments is the agent.
The hotel, which was built as a Holiday Inn in 1971, was renovated and converted into a Courtyard in 2008.
The 317-room property includes approximately 7,000 square feet of meeting space, Bistro Café restaurant with a Starbucks espresso bar, lounge, a 24-hour market, business center, fitness center, outdoor pool and whirlpool and 349 parking spaces.