March 31, 2017
San Bernardino Hospitality LLC sold a 1.7-acre undeveloped parcel of land in Escondido, CA to an undisclosed San Diego-based hotel developer for $3.5 million. The site at 200 La Terraza Blvd. is entitled for a 105-room SpringHill Suites by Marriott hotel.
Cushman & Wakefield’s Terry Jackson and Matt Davis represented the buyer. The seller was self-represented.
“This transaction is significant because the city of Escondido has wanted a prominent hotel for quite some time, and now its long-awaited Marriott hotel is finally closer to becoming a reality,” Jackson said. “This is essentially a shovel-ready project delivered with grading and building permits already in place. The purchaser is targeting a construction start in the third quarter of 2017.”
The property is at the junction of Interstate 15 and State Route 78, at the West Valley Parkway off-ramp.
For comments, questions or concerns, please contact Dennis Kaiser