Se San Diego Hotel has sold for $49 million in a Section 363 bankruptcy sale. Prism Hotels & Resorts served as the property's turnaround operator and court-appointed Chief Restructuring Officer to the Debtor-in-Possession, 5th Avenue Partners, LLC. The property was purchased following an extensive marketing campaign by global commercial real estate firm CB Richard Ellis.
"The sale of the Se San Diego Hotel was particularly complex, involving an international bank and a non-local servicer - not to mention the still difficult economic climate facing the southern California real estate market. Through our involvement as both turnaround operator and court-appointed Chief Restructuring Officer during the bankruptcy sale, Prism Hotels & Resorts helped bring order and resolution to the courts quickly, maximizing the hotel's value and ultimately resulting in a successful sale," said Steve Van, chief executive officer of Prism Hotels & Resorts.
The Chief Restructuring Officer role was handled by PHC Dallas, LLC, an affiliate of Prism Hotels & Resorts.
The 23-story, 184-room Se San Diego Hotel, located at 1047 Fifth Avenue in downtown San Diego, includes 31,300 square feet of adjacent retail space currently under 15-year lease by House of Blues, as well as the popular Suite & Tender restaurant and Siren rooftop pool and lounge.
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