The 113-room Holiday Inn Express in Pacific Beach at 4540 Mission Bay Drive, San Diego 92109, has been sold for $13.05 million.
The buyer was RVS 110 LLC, 8213 White Oak Ave., Rancho Cucamonga 91730. Kevin Brooks signed as authorized agent for the buyer.
The acquisition was financed with a loan of $7.62 million from Bank of East Asia Limited, a Hong Kong bank.
The seller of the property (assessor's parcel 424-133-17) was Excel Buena Park LP, a California limited partnership, 10660 Scripps Ranch Blvd., Suite 100, San Diego 92131. The general partner is Excel Hospitality Inc. The president of Excel Hospitality is Suresh Patel.
The approximately 42,517-square-foot motel was constructed in 1987 on a 46,609-square-foot lot.
The property, formerly a Comfort Inn, includes an outdoor pool, a fitness center, a business center and a self-serve laundry.
The property was sold in August 2002 for $6,553,000, with financing of $4,085,000 from First Credit Bank.
According to Excel Hospitality's website, the company owns 15 hotel properties. Ten of the properties are in San Diego County, including such brands as Holiday Inn Express, La Quinta, Best Western, Ramada and Howard Johnson.