Buyer Set to Construct 105-Room SpringHill Suites by Marriott
Escondido CA— Cushman & Wakefield announced on Thursday that a San Diego-based hotel developer has acquired ±1.68 acres (73,180 square feet) of vacant land in Escondido (San Diego), Calif., for $3.5 million. The undeveloped parcel is located at 200 La Terraza Boulevard and is entitled for a 105-room SpringHill Suites by Marriott hotel. Terry Jackson and Matt Davis with Cushman & Wakefield’s San Diego-based team, The Land Group, represented the buyer. The seller was San Bernardino Hospitality LLC.
The property is conveniently located at the junction of Interstate 15 and State Route 78 at the W. Valley Parkway offramp. The new hotel will be located near an abundance of popular retail, dining, shopping and entertainment amenities including the San Diego Zoo Safari Park, California Center for the Arts and Historic Downtown Escondido. It is also close to Palomar Hospital, Cal State University San Marcos and Palomar College.
Mr. Jackson, a Director with Cushman & Wakefield, said, “This transaction is significant because the city of Escondido has wanted a prominent hotel for quite some time and now its long-awaited Marriott hotel is finally closer to becoming a reality.”
He added, “This is essentially a shovel-ready project delivered with grading and building permits already in place. The purchaser is targeting a construction start in the third quarter of 2017.”
To learn more about SpringHill Suites by Marriott, visit http://springhillsuites.marriott.com/