San Diego's Sè Hotel Sells for $49 Million, CBRE Handles Transaction

San Diego's Sè Hotel Sells for $49 Million, CBRE Handles Transaction

Vacation News » Vacation & Leisure Real Estate Edition | By Michael Gerrity | July 18, 2011 1:54 PM ET

Global commercial real estate firm CB Richard Ellis (CBRE) announced today the sale of the Sè Hotel in San Diego, California for $49 million.

The 23-story, recently constructed mixed-use hotel and entertainment complex was sold, following an extensive marketing campaign, in a Section 363 sale to an affiliate of Kimpton Hotels & Restaurants on behalf of the hotel's owner, 5th Ave Partners LLC which is the Debtor in Possession in Chapter 11 Bankruptcy Proceedings pending in  the Central District of California. CBRE Hotels was engaged by the Debtor-in-Possession to manage the marketing and sales process for the property. The transaction closed in June.

"We believe this transaction delivers a positive outcome for the parties--Kimpton adds a great new asset to its strong roster of luxury, boutique hotels and the value of the hotel was maximized for creditors," said Charles Quinn, Executive Vice President, CBRE Hotels. "Prism's industry leading experience as a receiver, chief restructuring officer and turn around operator was a major factor in maximizing the hotel's value."

"CBRE did a great job with the marketing of the hotel and providing guidance to all involved in the process and the complications of a section 363 sale" said John Bailey with PHC Dallas, LLC, an affiliate of Prism Hotels & Resorts, the court appointed Chief Restructuring Officer of the Debtor-in-Possession, 5th Avenue Partners LLC. The Debtor in Possession was represented by Marc Winthrop and Garrick Hollander of Winthrop Couchot P.C., Newport Beach, CA

The 184-room Sè Hotel is located at 1047 Fifth Avenue, San Diego, California. The hotel also includes 31,300 square feet of adjacent retail space, which is under a 15-year lease to the House of Blues, as well as the Suite and Tender Restaurant, the Siren Pool Bar and Uber Lounge, nearly 14,300 square feet of meeting space, a 5,500-square-foot spa, and an outdoor rooftop swimming pool with a 7,000-square-foot deck.

In addition to Mr. Quinn, CBRE professionals who worked on the transaction were Ken Pearson, Managing director and Co-Leader of CBRE's Recovery and Restructuring Services practice, and Lewis Miller, Senior Vice President, CBRE Hotels.

San Francisco-based Kimpton Hotels & Restaurants operates 52 hotels and 53 restaurants in 23 cities.

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