The 159-room Andaz San Diego, a Hyatt (NYSE: H) hotel in the Gaslamp Quarter at 600 F St., San Diego 92101, has been sold for $53 million.
The buyer was IA Lodging San Diego L.L.C., c/o Investors Property Tax Services Inc., P.O. Box 9271, Oak Brook, IL 60523. Inland American Lodging Associates, with Jack Potts as treasurer, is the sole member of IA Lodging.
The acquisition was financed with a loan of $26.5 million from Wells Fargo Bank.
The loan was to the buyer of record and IA Lodging San Diego TRS L.L.C. (TRS), as the tenant. Barclay Holding Inc. is the sole member of TRS.
The six-story building, with a 20,000-square-foot basement, occupies a 20,000-square-foot corner lot at F Street and Sixth Avenue.
The 159-room Andaz San Diego, a Hyatt hotel in the Gaslamp Quarter at 600 F St., San Diego, has been sold. Photo courtesy of CoStar
The property was for many years known as The Maryland Hotel, and then renovated into a boutique property called The Ivy Hotel.
The property features a health club, an outdoor pool, spa services, wireless Internet access, meeting rooms for small groups, a restaurant, a bar/lounge and a poolside bar.