Bob Kaplan and Rod Apodaca, of CBRE Hotels, acted as exclusive agents for the sellers of the Deal of the Week.
The deal was the sale of the 219-room Doubletree San Diego-Hotel Circle in Mission Valley at 1515 Hotel Circle, San Diego for $49.25 million.
The transaction included $36.75 million for the hotel building and $12.5 million for the ground lease.
The buyers of the hotel were San Diego Hotel Circle Owner LLC of Illinois (44.77 percent) and 1250 North SD LLC of Laguna Hills (55.23 percent).
The same entities also acquired the leasehold on the hotel's 2.88-acre parcel in a separate transaction.
The acquisitions were financed with a loan of $36.7 million from Ladder Capital Finance LLC of New York City.
The sellers of the property were PBP Hotel LLC (hotel) and SD One Land LLC (leasehold). Dipak Desai is the manager of both.
The property will be managed by Portfolio Hotels & Resorts and will continue operating under the Doubletree by Hilton flag.
The eight-story hotel property includes Panini Restaurant, meeting and event space, outdoor pool and spa, and a five-story parking garage.
The property has undergone extensive renovations over the years.