Philadelphia, Pennsylvania, July 27. 28, 2022 (GLOBE NEWSWIRE) — Certares Management LLC (together with its affiliates, “Certares”), a leading investment specialist dedicated to the travel, tourism and hospitality industries, has acquired Courtyard San Diego Downtown. The hotel is a newly renovated Marriott property, located in downtown San Diego on Broadway, close to the Gaslamp Quarter, the local entertainment and nightlife district. The historic 245-room hotel was originally built as the headquarters of the San Diego Trust & Savings Bank in 1927 and includes historic features throughout the building, such as an original safe that now serves as a differentiated meeting space. It is located adjacent to the soon to be redeveloped Horton Plaza, and the San Diego Convention Center is within walking distance for easy access to conferences and events.
“We are pleased to announce the purchase of Courtyard San Diego and continue our growth as a leading owner of differentiated hotel real estate with the acquisition of our ninth hotel asset. Additionally, we are very pleased to partner with HHM on our first hotel acquisition together,” said Nolan Hecht, Senior Managing Director of Certares. “We look forward to the Courtyard’s accelerated growth following the completion of a major renovation as the San Diego market continues to strengthen its presence as an international entertainment, convention and life science center,” said added Mike Kusy, Vice President of Certares.
The property, which has historic status, remains an important commercial structure associated with the history of San Diego’s banking industry. It is an outstanding example of commercial historic preservation that has transformed one of San Diego’s premier banking institutions into a vibrant hotel in San Diego’s remarkable Gaslamp Quarter.
HHM has operated the hotel for over a decade. “We are delighted to expand our investment platform with such an established partner,” said HHM President and CEO Naveen Kakarla. “We look forward to working closely with the Certares leadership team as we continue to drive market share growth and provide travelers with an authentic San Diego experience.”
Founded in 2012, Certares focuses on direct investment in proprietary transactions, leveraging deep industry experience in the travel and hospitality industries, and a constant focus on partnering with teams direction to stimulate growth. With over $10 billion in assets under management as of March 31, 2022, Certares brings together a team with decades of operational and investment experience in private equity, travel, tourism, hospitality and services travel-related businesses and consumers. Since the launch of its real estate platform in early 2021, Certares has acquired nine hotels comprising more than 1,850 keys across the country. For more information, please visit www.certares.com.
HHM is an award-winning hotel management and investment firm that operates more than 185 full-service and select-service hotels in 30 states and virtually every major hotel market coast-to-coast. HHM is a leading manager of Marriott and Hilton hotels, while operating more than 30 independent luxury and lifestyle hotels, ranging from the Rittenhouse Hotel in Philadelphia to the Joule Hotel in Dallas to the Whitney Hotel in Boston . HHM’s highly experienced and stable operating team is known for being nimble, accountable and entrepreneurial in the way it drives industry-leading results for owners, including publicly traded companies, private equity firms and family office investors. Additional information about HHM can be found at hhmhospitality.com and independentcollection.com
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