Japanese Buying Le Meridien Hotel in San Diego
In yet another transaction involving the sale of a Southern California resort property to Japanese investors, the 300-room Le Meridien San Diego at Coronado luxury hotel is to be purchased by Chiyoda Finance Inc., the hotel’s seller said Monday.
The sale price was not disclosed. Derek Thomas, director of real estate consulting at Kenneth Leventhal & Co. in San Diego said, however, that the deal may be comparable to the $280,000 per room that Japanese investors paid for the Dana Point Resort in July. At that price, Le Meridien would be worth about $84 million.
The seller is Park at Coronado, a San Diego-based limited partnership whose general partners include George Codling, Alan Greenway, Malin Burnham and Thomas James. The partnership owns the hotel structure but leases its 16-acre bay-front site under a 50-year agreement with the San Diego port district.
