SANTA BARBARA, Calif.—(BUSINESS WIRE)—Aug. 18, 2003—Pacifica Hotel Company (PHC), which manages 19 top-quality California hotel properties in key locations stretching from San Diego to the Bay Area, has purchased two prime hotels from an investment partner for a price in excess of $19 million. The properties are the Holiday Inn Express in San Luis Obispo and the Sommerset Suites in San Diego.
“We are pleased to add these two outstanding hotels to our portfolio,” said PHC Chairman and President Dale J. Marquis. “These purchases reflect our ongoing strategy of acquiring and operating quality properties in the highly attractive California market.”
The Holiday Inn Express is a three-story, 100-room hotel renovated in 2001 whose amenities include an exercise facility, outdoor pool, and a full service restaurant currently being operated by a third party. The franchise hotel, which will continue under PHC management, achieved an average occupancy rate of 74.5% during the first half of 2003.
Sommerset Suites is a four-story, 110-room “all suites” hotel located in the Uptown section of San Diego and most recently renovated in 2000. Amenities include an outdoor pool, breakfast room and airport shuttle. Sommerset Suites, which will continue to operate as an independent hotel under PHC management, achieved an average occupancy rate of 82.6% during the first half of 2003.
Headquartered in Santa Barbara, Pacifica Hotel Company is a privately-held diversified real estate investment and hotel management firm established in 1974. PHC generated 2002 revenues of $57.2 million and reported a 69.2% occupancy rate, earning a #9 ranking among the world`s top hotel management companies in Hotel Business magazine`s annual survey. PHC`s independent and flag properties feature outstanding locations, AAA 3-diamond ratings, upgraded amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com.