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Historic Glorietta Bay Inn Sold to L.A. Hotel Group for $39M

The San Diego Union-Tribune
09/14/18

Historic Glorietta Bay Inn Sold to L.A. Hotel Group for $39M
By Brittany Meiling

http://www.sandiegouniontribune.com/business/tourism/sd-fi-glorietta-sale-realestate-deal-20180911-story.html

 

The historic mansion in Coronado that local magnate John D. Spreckels once called home has sold to a Los Angeles hotel company for $39 million. Over 100 years ago, the landmark six-bedroom ocean property was built for a few zeros less: $35,000.

The extravagant island property — now called The Glorietta Bay Inn — today includes 89 contemporary rooms and suites. It was sold to Kamla Hotels, a family-owned company that owns a mix of boutique and branded hotels in California.

The historic property didn’t come cheap. At $39 million, Kamla paid nearly $400,000 per room…

 

…In the years since, Spreckels’ personal mansion was converted into a B&B property and later, The Glorietta Bay Inn. For the past 42 years, it was owned by La Jolla venture capitalist Ralph “Buzz” Woolley Jr.

Atlas Hospitality Group’s president Alan Reay, who brokered the sale, said Woolley sold the property because he wanted to retire.

The inn stands out in Kamla’s current portfolio as the only historic property, with mid-range brands including Best Western and Fairfield Inn & Suites dominating its current investments.

Dev Patel, Kamla’s chairman and CEO, says The Glorietta is not the first historic property the company has owned, however. It recently sold a portfolio of independent historic properties in Northern California…

 

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