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Hotels fast becoming S.D.'s hottest properties: Shelter Pointe is latest to sell; four others awaiting buyers.

Publication: San Diego Business Journal
Publication Date: 26-SEP-05
Format: Online
Delivery: Immediate Online Access
Full Article Title: Hotels fast becoming S.D.'s hottest properties: Shelter Pointe is latest to sell; four others awaiting buyers.(Real Estate)(San Diego)

Article Excerpt
If all goes as expected, the pending sale of the Shelter Pointe Hotel will bring to seven the total number of major hotel transactions that have been completed in the county since January.

The fact that at least four others are said to be on the block has prompted one broker to note that he hasn't seen this much hotel sales activity in San Diego since foreclosed inns went for bargain basement prices during the state's economic recession of the 1990s.

According to the San Diego Unified Port District, Shelter Pointe LLC earlier this month received the agency's approval for a "lease assignment" to Atlas Kona Kai LLC, which includes two San Diego-based firms, Atlas Hotels Inc. and Bartell Hotels Inc. A lease assignment is a legal term that basically means transferring the terms of...

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