Hotel management firm served as both turnaround operator and Chief Restructuring Officer for the 184-room, mixed-use hotel and entertainment complex’s Section 363 bankruptcy sale
DALLAS, August 1, 2011 – 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.
About Prism Hotels & Resorts
Dallas-based Prism Hotels & Resorts is one of the fastest growing full-service hotel investment, management and development companies in the United States. The company currently manages more than 7,500 rooms for multiple owners including urban, suburban and resort destinations. Prism is approved to manage all major brands as well as has extensive experience with independent destination hotels. For more information, please visit www.prismhotels.com.
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More information about the Se San Diego Hotel can be found at http://www.sesandiego.com.
Media Contact: Cooper Smith Koch
cooper@coopersmithagency.com, (214) 329-9191