A two-year-old San Diego hotel has fetched $34.5 million. Last week, Apple Suites Realty Group announced plans to buy the 200-room Hilton Garden Inn Rancho Bernardo from Bernardo Ventures (a joint venture between the Presidian Companies and Pacifica Hotel Investors). The hotel is located along Interstate 15 in the center of an active biotechnology, defense and high tech business corridor.
“Since opening in December 2004, the Hilton Garden Inn Rancho Bernardo has seen extraordinary gains in both average daily rate and occupancy,” says John Strauss, senior vice president at Jones Lang LaSalle Hotels’ Los Angeles office.
Jones Lang LaSalle Hotels represented Bernardo Ventures in the sale. The property was completed in December 2004.