SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego.
The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel.
Project costs are estimated at $35 million. The hotel will feature a mile of beachfront with views overlooking the marina and bay, as well Margaritaville food and beverage concepts. Other amenities will include five pools, tennis courts, a spa, fitness center and 80,000 square feet of meeting space.
“Our island resort offers a unique San Diego beach experience in a secluded, yet centrally situated location to nearby downtown San Diego, SeaWorld, Balboa Park, Seaport Village and other top attractions,” says Jon Bortz, president and CEO of Pebblebrook. “The Margaritaville lifestyle brand is synonymous with fun and escapism and we expect a dramatic improvement in financial performance of Paradise Point upon reflagging.”
Maryland-based Pebblebrook acquired Paradise Point Resort & Spa in 2018. The new Margaritaville hotel, which will be the brand’s first on the West Coast, is scheduled to open in 2020. The company’s stock price opened at $27.52 per share on Monday, July 15, down from $39.03 per share a year ago.
— Taylor Williams