Press: UTC Marriott sold for $70 million
from the San Diego Daily Transcript, July 25, 2011:
Robert Rauch, a hotel developer, owner and consultant, said the major University Towne Centre hotels were constructed in the 1985-1989 timeframe.
“Nothing has been built in over 20 years.
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UTC is an outstanding market with high barriers to entry,” Rauch said.
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“This is a high-quality, full-service hotel with very high-quality meeting space.
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”
Rauch also said that even though the hotel is 24 years old, it was constructed to high standards, and he was surprised to learn that it needs $20 million in upgrades.
“I just don’t see any major problems with it,” Rauch said, adding that he believes another strength is a no-cut contract with Marriott.
