The Hyatt Regency La Jolla contains nearly 420 rooms. It is being disposed of by Strategic Hotels & Resorts Inc. (SHRI) and the new owner of the building could choose to use banner printing in Temecula if it wants to hold an event to mark the beginning of a new era.
Raymond Gellein, the chief executive officer and chairperson of SHRI, has said that the decision to sell was:
“…consistent with our disciplined capital allocation strategy to divest noncore assets and deleverage the company’s balance sheet.”
The transaction in question is a complex one due to multiple ownership issues. SHRI only owned just over half the property before the decision was made to sell. The organization has interests in a total of 18 properties. It has a portfolio which currently contains more than 8,000 rooms, some of which are in resorts.
The hotel was constructed back in 1989 and is located on La Jolla Village Drive. The sale of the building will not be completed until specific closing conditions are met, but these issues should be resolved within weeks.
The hotel should be accessible to guests from different parts of California because it is not far from Interstate 5. It is a component part of a development of mixed usage.