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Pollini Strappy flat sandals XnPGEy
Pollini Strappy flat sandals
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BREAKING NEWS
CPUC rejects $639 million SDGE pipeline project
/ Manchester Grand Hyatt
The Manchester Grand Hyatt, which sold last year for $570 million, was the priciest hotel transaction in the country in 2011
The Manchester Grand Hyatt, which sold last year for $570 million, was the priciest hotel transaction in the country in 2011 (/ Manchester Grand Hyatt)
By Lori Weisberg Contact Reporter

As hotel sales go, 2011 was a banner year as many iconic properties changed hands both locally and across the country, but none was pricier than the 1,625-room Manchester Grand Hyatt.

Selling for $570 million, the two-tower highrise in downtown San Diego led a list of some 130 transactions of more than $10 million that closed in 2011.

The tally, compiled by New York City-based hotel real estate adviser Daniel Lesser, lists 10 other San Diego County hotels. They include the W hotel, the former Se San Diego, since renamed the Hotel Palomar, and the Hotel Indigo, all in downtown San Diego.

In all, more than 40 hotels were sold in the county last year, according to the Atlas Hospitality Group, which tracks transactions in California.

The Manchester Hyatt — sold by Douglas F. Manchester, now the publisher of U-T San Diego — is believed to be one of the highest-priced sales of all time, excluding Las Vegas hotel casinos and sprawling resorts, several hotel experts said.

Top U.S. hotel sales in U.S.

Source: LW Hospitality Advisors

Although the landmark Plaza Hotel in New York City sold for $675 million in 2004, the price paid was more a reflection of its value as a property that was to be transformed into a partial condo hotel, said Suzanne Mellen, senior managing director of HVS, a New York-based hospitality consulting firm.

"I'd say the Manchester Hyatt is the largest hotel transaction purchased for the purpose of continuing operation as a hotel," Mellen said.

The hotel's distinction as a top lodging industry transaction is in part a function of its especially large size and the relatively high per-room price of $350,760 paid by the buyer, Host Hotels Resorts, said Bruce Baltin, who oversees the Colliers PKF Consulting USA practice in Los Angeles.

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