SAN DIEGO — MIG Real Estate LLC, a national real estate investment company headquartered in Newport Beach, Calif., has purchased the Courtyard San Diego Old Town at 2435 Jefferson Street and the Fairfield Inn & Suites San Diego Old Town at 3900 Old Town Avenue.
Built in 1987, the 176-room Courtyard San Diego Old Town has 3,416 square feet of meeting space. The 123-room Fairfield Inn & Suites San Diego Old Town, built in 1988, has 2,660 square feet of meeting space. Amenities at both properties include onsite parking garages, fitness centers, and outdoor swimming pools. Additionally, The Bistro, a casual, American-style restaurant, is located inside the Courtyard and offers visitors and locals alike food options for breakfast and dinner.
“We are optimistic about San Diego’s continued recovery, and these assets are well-positioned within the popular Old Town neighborhood, central to a diverse mix of growing demand drivers,” said Kyle Halbrook, a hotel acquisitions manager for MIG Real Estate. “These premium-branded hotels are an exciting addition to MIG’s growing hotel portfolio, complementing our strategic expansion in West Coast markets.”
MIG Real Estate both of these Marriott-branded hotels in line with the company’s objective to invest in quality, value-add hotel products in markets with proven operating dynamics. The company plans to oversee continuous capital improvements and complete property improvement plans in accordance with brand standards. Immediate investments in the Courtyard may include areas such as landscaping upgrades, signage replacement, exterior paint, and a remodeled lobby.
The sale was brokered by CBRE Hotels’ Michael DiPrima and Diana Simpson. Both hotels will continue to be operated by Dolphin Hotel Management.
