Sentre Purchases Sommerset Suites Hotel in San Diego for Multifamily Conversion
SAN DIEGO — Sentre has purchased the 80-room Sommerset Suites Hotel in San Diego for an undisclosed sum. The asset is located at 606 Washington St. in the Hillcrest submarket.
The property was originally designed in the late 1980s as a boutique apartment community. The sellers converted the property into a hotel in the mid-90s, leaving most of the apartment amenities intact. This included a heated pool and spa, barbeque area, dining room and business center. Sentre is repositioning the property into the Whiston, an 80-unit boutique apartment community.
Sentre received a five-year, fixed-rate loan that was placed with a life insurance company. Financing will be used to purchase the hotel and fund the repositioning.
HFF’s Hunter Combs and Scott Hall executed the transaction. Aldon Cole led HFF’s debt placement team.