The 193-room Hyatt House property in Sorrento Mesa at 10044 Pacific Mesa Blvd., San Diego, was sold as part of a 10-property, approximately $313 million portfolio transaction.
The buyer was RLJ Lodging Trust (NYSE: RLJ). The seller was Hyatt Hotels Corp. (NYSE: H). The portfolio properties were Hyatt, Hyatt Place and Hyatt House totaling 1,560 rooms.
The value of the Pacific Mesa property here in the transaction was $31,055,000.
The entity selling the Pacific Mesa property was Hyatt Equities LLC, which acquired the property in May 2011 for $28.45 million. In that transaction, the property here was one of three Woodfin Suites Hotels totaling 569 rooms acquired from Hartage Hotels for $76.5 million.
The announcement of the RLJ acquisition said the company would spend approximately $25 million in capital expenditures across the portfolio, most of which would be invested in the next 24 months.
Seven of the new RLJ properties are in California, with one each in Texas, North Carolina and Wisconsin.
The new portfolio brings RLJ's ownership to 147 properties, consisting of 145 hotels with approximately 22,500 rooms, and two planned hotel conversions.
The Pacific Mesa property originally opened in 1999 as the Woodfin Suite Hotel Sorrento Mesa. The property was rebranded a Hyatt Summerfield Suite in May 2001.
The four-story building occupies 3.6 acres.
The units include kitchens with full refrigerators and stovetops. The property includes an outdoor pool with spa/tub, a fitness facility and a restaurant and bar/lounge.