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Berkadia Closes Sale of Carlsbad Collection
Berkadia finalized the sale of the Carlsbad by the Sea Hotel, a 146-key independent hotel; the Carlsbad Windmill Building, a 28,400 square feet retail center; and a Chevron gas station, all on a contiguous 11.34-acre site in Carlsbad.
Managing directors Scott Hall, John Chu and Ed Rosen and senior directors Aaron Lapping and Tyler Sinks of Berkadia San Diego led the transaction on behalf of Washington Capital Management, Inc. on behalf of their client.
The property sold to a local hotel investment company.
“The unique balance of long-term upside and diversified in-place income streams from the hotel and various retail tenants created significant interest in the property,” said Hall. “Given Carlsbad’s strong underlying fundamentals and the high barriers-to-entry in coastal North County San Diego, Excel Hotel Group is well-positioned for future success as the next stewards of this fantastic real estate.”
- ◦Sale/Acquisition
