BETHESDA, Md.
LaSalle Hotel Properties announced the acquisition of L’Auberge Del Mar in Del Mar, California for $76.9 million.
The 120-room full service, luxury resort is located at 1540 Camino Del Mar, overlooking the Pacific Ocean. Del Mar is an affluent seaside community, rich with amenities including upscale shopping and fine dining. The property enjoys close proximity to several leisure and business demand drivers including Del Mar Beach, Torrey Pines Golf Course and the Del Mar Racetrack & Fairgrounds.
The property is located eight miles from University of California, San Diego (UCSD), one of the nation’s leading research universities. University Towne Center is located next to UCSD and offers 3,400,000 square feet of Class A office space and has become San Diego’s highest rent office market. The area is occupied by numerous businesses and research facilities as well as biotech, pharmaceutical and technology companies. The property is also within 20 miles of several popular leisure destinations including LEGOLAND, SeaWorld San Diego and the San Diego Zoo.
“We are extremely excited to acquire L’Auberge Del Mar,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “The property is in excellent condition and is extremely well located in a strong market which benefits from numerous demand generators.”
L’Auberge Del Mar is set on 4.5 acres overlooking the Pacific Ocean. The property opened in 1989. In 2009, the property underwent an extensive renovation totaling $25.8 million. The project included a full guestroom renovation, lobby upgrade and improvements of the meeting space, swimming pools and food and beverage outlets. The hotel has 120 guestrooms with an average size of 320 square feet, including eight suites which average 500 square feet. L’Auberge Del Mar also includes four food and beverage outlets.
