San Diego, CA. Upscale Hotel Sé In Financial Trouble
Last year I wrote about the Hotel Sé and the luxury residences for sale. An article that ran in the Union Tribune states that the owner is in default on a 73 million dollar construction loan.
Yet the Sè faced challenges from the beginning, including two name changes, competition from a number of established boutique hotels and a less-desirable location north of Broadway on 5th Avenue, far from the waterfront, ballpark and convention center. On top of all that, the hotel was structured as a condominium hotel at a time when the for-sale concept was falling out of favor. About 22 of the rooms were to be marketed as condos, but local hotel and real estate experts said none have been sold.
Read full article here.
