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Loew's Coronado Bay Resort is on the block for a minimum bid of $90.4 million

Citron family has been trying to unload it for two years

While the board of the San Diego Unified Port Commission considers whether to get into the lodging business by financing and constructing a big new hotel on the site of downtown's Campbell shipyard on San Diego's bayfront, a bankruptcy court is preparing to auction off one of the bay's largest inns. According to an account in Real Estate Alert, Loew's Coronado Bay Resort is on the block for a minimum bid of $90.4 million, with bids due in mid-December. The report says the owner of the hotel, a partnership between Coronado's Citron family and three Japanese investors, couldn't get refinancing on a $75 million loan from Goldman Sachs that came due last December. The publication reports that the Citrons have been trying to quietly unload the resort for at least two years. The eight-year-old, 438-room hotel, managed by Loews Hotels of New York, is said to have an average daily occupancy of 75 percent and earn a net annual operating income of $10.4 million. Average room rate is reported to be $175. The magazine also says that North County's 142-room, 450-acre Lake San Marcos Resort, with annual net operating income of $2.9 million, is also up for sale. Asking price: $34 million. Average occupancy is estimated at 68 percent with an average daily room rate of $89.

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While the board of the San Diego Unified Port Commission considers whether to get into the lodging business by financing and constructing a big new hotel on the site of downtown's Campbell shipyard on San Diego's bayfront, a bankruptcy court is preparing to auction off one of the bay's largest inns. According to an account in Real Estate Alert, Loew's Coronado Bay Resort is on the block for a minimum bid of $90.4 million, with bids due in mid-December. The report says the owner of the hotel, a partnership between Coronado's Citron family and three Japanese investors, couldn't get refinancing on a $75 million loan from Goldman Sachs that came due last December. The publication reports that the Citrons have been trying to quietly unload the resort for at least two years. The eight-year-old, 438-room hotel, managed by Loews Hotels of New York, is said to have an average daily occupancy of 75 percent and earn a net annual operating income of $10.4 million. Average room rate is reported to be $175. The magazine also says that North County's 142-room, 450-acre Lake San Marcos Resort, with annual net operating income of $2.9 million, is also up for sale. Asking price: $34 million. Average occupancy is estimated at 68 percent with an average daily room rate of $89.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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