Atlas in the news

The San Diego Union-Tribune 07/02/15 By Lori Weisberg   http://www.sandiegouniontribune.com/news/2015/jul/02/doubletree-hotel-carmel-valley-sold-san-diego-firm/   The 224-room DoubleTree San Diego Del Mar hotel has been sold to a San Diego firm for $40 million, marking the fourth San Diego lodging property to sell in the last couple of months. The buyer, Southwest Value Partners, a private real estate investment firm that focuses on commercial, hospitality and residential properties, declined to comment on its purchase. Among its holdings are the Westin Hilton Head Island Resort & Spa in South Carolina, the InterContinental New Orleans and the Westin San Diego on West Broadway downtown. Brokering the sale on behalf of the seller, PHF Ruby LLC (an affiliate of Fillmore Capital), was CBRE Hotels. The 5-story property on El Camino Real in Carmel Valley originally opened in 1991 and underwent a partial renovation in 2012. While CBRE would not reveal the sales price of the hotel, it was listed as $40 million by Real Capital Analytics, a research company that tracks hotel sales throughout the country. Based on the per-room sales price, it appears Southwest made a good deal, said hotel analyst Alan Reay. “At a per room price of $180,995 it is at the lower end…

05/29/15 The Orange County Register By Hannah Madans   The hotel was built in 1986 by the Irvine Co. and managed by Four Seasons until Irvine Co., which owns it, took over the management 10 years ago. “We continue to do renovations because we are always reinvesting in our properties and seek to be the best and make sure we are relevant to what our customers needs are,” said Ralph Grippo, president of Irvine Co.’s resort division. Grippo said the hotel now has occupancy rates of more than 80 percent and has had positive customer feedback since the renovations. Island Hotel is not the only Irvine Co. resort property to get a facelift. Late last year, Hotel Irvine underwent a complete overhaul to become a trendy lifestyle hotel. The renovations mark a trend in the hospitality industry, which is concentrating on renovating aging properties rather than building new ones. In 2014, 30 hotels were purchased in Orange County, more than double the 14 transactions registered the year before, according to Atlas Hospitality Group, an Irvine-based real estate firm that specializes in hotels. Another hotel undergoing significant change is the Anaheim Majestic Garden Hotel, which shed its parent, Sheraton, last week…