January 12, 2017
San Diego-based SENTRE acquired the Sommerset Suites Hotel in San Diego’s Hillcrest neighborhood and plans to reposition it into an 80-unit boutique apartment community named The Whitson. The asset was sold by Irvine, CA-based Pacifica Hotels for a reported $19.5 million.
Originally designed in the late 1980s as a boutique apartment community, the sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. That included a heated pool and spa, barbeque area, dining room and business center with units containing full kitchens, private balconies and efficient floor plans.
HFF’s Hunter Combs, Scott Hall and Aldon Cole handled the sale and financing on behalf of the buyer. A five-year, fixed-rate loan was placed with a life insurance company. Loan proceeds will be used to purchase the hotel and fund the repositioning.
For comments, questions or concerns, please contact Dennis Kaiser