Mike Madriaga 10:30 a.m., May 26
Hotel Indigo Sold to Maryland Investment Group
Chesapeake Lodging Trust, a Maryland-based real estate investment trust, announced the purchase of Hotel Indigo in the Gaslamp today. Total cost was $55.5 million, approximately $264,000 per room. The seller, InterContinental Hotels Group, then inked a deal to stay on to manage and operate the facility.
InterContinental, operators of several other lodging brands notably including Holiday Inn, said the move was consistent with approximately 190 sales in the last few years that leave the company focused on the less capital-intensive business of operations versus property ownership.
The upscale hotel on 9th Avenue a few blocks from Petco Park claims to be the first (and so far only) San Diego hotel property to obtain Leadership in Energy and Environmental Design (LEED) certification.
The deal varies from several other notable hotel transactions across the county lately in that there was no evident distress resulting from loan default, as in the cases of the W Hotel and Se San Diego, other Downtown properties to change ownership recently.
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