Jones Lang LaSalle Hotels announced today that it will market for sale the Estancia La Jolla Hotel & Spa, on behalf of an affiliate of Lowe Enterprises (Lowe). The 210-room property is being offered unencumbered of both brand and management.
Developed by Lowe and opened in 2004, the resort is an excellent physical asset with stunning architectural features reminiscent of luxurious Spanish missions. The property features three restaurants and lounges, the 8,000-square-foot Spa at Estancia, and more than 21,000 square feet of meeting space, including San Diego’s only IACC-certified conference center space. Since its debut, the Estancia La Jolla has been operated by Destination Hotels & Resorts, Lowe’s hospitality management subsidiary. The Estancia was included on the Conde Nast Traveler “Hot List” of the best new hotels in the world for 2005-2006.
“Estancia La Jolla offers a new owner the opportunity to acquire one of the newest coastal California resorts in an excellent, high barrier-to-entry location,” said John Strauss, a managing director for Jones Lang LaSalle Hotels. “The unencumbered nature of the offering will afford a new owner a great deal of flexibility in determining its operating plan for the property.”
San Diego, the second largest city in California, is a regional economic powerhouse buoyed by diverse industries including pharmaceuticals, bio-tech, high-tech, education, and defense. Investors will be able to capitalize on the strong market rebound underway in San Diego, which has experienced a year-to-date 12 percent increase in RevPAR. Following a market recovery, the hotel is poised to rebound to levels greater than the prior peak.
Located in one of San Diego’s most upscale neighborhoods, the Estancia provides convenient access to La Jolla’s key demand generators including Torrey Pines Golf Course, downtown La Jolla’s famed Prospect Street, and corporate drivers such as the Scripps Institute, Johnson & Johnson, Pfizer, and Qualcomm.