Fairmont buys stake in San Diego hotel
Blum Capital and Fairmont Hotels & Resorts have acquired an 88 percent partial interest in the Grand Del Mar hotel in San Diego. The property is valued at $259.1 million. The sales price for the ownership stake was approximately $228 million. The seller, Manchester Financial, will retain the remaining interest.
The 249-room hotel is located in northern San Diego, near the coastal communities of La Jolla, Del Mar and Rancho Santa Fe. The Grand Del Mar will be renamed the Fairmont Grand Del Mar. The property also includes eight two-story villas with fractional ownership, a golf course, restaurants and a fitness center. The resort also houses boutique shopping outlets and 27,000 square feet of meeting space, including a 10,000-square-foot ballroom.
In 2014, Fairmont and Blum acquired the landmark Claremont Hotel Club & Spa in Berkeley, Calif. The firms followed the acquisition with a multimillion-dollar refurbishment project.
The sale of the Gran