Rancho Bernardo Hotel Associates of Phoenix, a partnership of Park West Associates Ltd. and Compri Realty Corp., paid $2.5 million for a 2.36-acre site at the lakeshore end of Bernardo Plaza Court in Rancho Bernardo.
The property will be the location of a new 210-room, $16-million Compri Hotel. Rancho Bernardo Partners Ltd. sold the property and John Burnham & Co. arranged the sale for both parties.
Holmes & Reynolds Development Co. of San Diego will develop the Compri Hotel, the first of several projects planned by that firm in Southern California. Valley National Bank of Arizona provided a $2.6-million loan to the buyers backed by a first trust deed on the property.