MIG Real Estate LLC, the real estate investment offshoot of the Merage family office, has added a pair of Marriott-branded hotels a few blocks apart in Old Town San Diego to its portfolio.
The Newport Beach-based investor recently purchased the Courtyard San Diego Old Town and the Fairfield Inn & Suites San Diego Old Town, two hotels with a combined 299 rooms.
MIG paid a combined $72 million for the two properties, or about $240,000 per key.
The Courtyard was built in 1987; it has 176 rooms with 3,400 square feet of meeting space, while the Fairfield Inn & Suites was built in 1988. It has 123 rooms and 2,700 square feet of meeting space.
The deal brings MIG’s total room count in its hotel portfolio to 2,150.
Dolphin Management
“We are optimistic about San Diego’s continued recovery, and these assets are well-positioned within the popular Old Town neighborhood, central to a diverse mix of growing demand drivers,” said Kyle Halbrook, a hotel acquisitions manager for MIG Real Estate.
“These premium-branded hotels are an exciting addition to MIG’s growing hotel portfolio, complementing our strategic expansion in West Coast markets.”
Both hotels will continue to be operated by Newport Beach’s Dolphin Hotel Management, according to the buyers.
10M SF
MIG invests in multifamily, office, hotel, retail, and industrial properties located primarily in the Western U.S. and Sun Belt states. The company currently owns and operates over 10 million square feet of real estate.
