San Diego had Priciest Hotel Sale in State
from San Diego Union Tribune (2/09/2015):
San Diego had Priciest Hotel Sale in State
San Diego’s flattening dollar volume of sales last year isn’t surprising, says local hotelier Robert Rauch, considering the rising value of hotels, fueled by a much improved tourism economy.
“Today’s owners don’t want to give up their properties because times are so good right now,” said Rauch, who owns and operates a number of San Diego County hotels. “Nobody wants to sell, unless at ridiculous prices, because the financial performance is at record highs, as are occupancy levels. I wouldn’t sell because the values are continuing to rise.”
Sales, especially of higher-end marquee properties, were especially robust in 2011 because savvy investors could foresee values were likely to soar, believes Rauch.
