Massachusetts Mutual Life has sold its 360-room San Diego Marriott La Jolla to Norwalk-based HEI Hotels & Resorts for an undisclosed sum, the San Diego Business Journal reports. One realty estimate pegs the sale price at around $70 million.
Mass Mutual’s Hartford-based asset management arm, Cornerstone Real Estate Advisers LLC, closed the sale last Friday, SBDJ reports on its Web site.
According to Atlas Hospitality Group, a brokerage and consulting firm in Irvine, Calif., that was not involved in the transaction, the purchase price based on current market conditions was likely close to $70 million, the paper said.
HEI said in a statement that it plans a $20 million renovation beginning in 2012, including updates to the property’s guest rooms, lobby, meeting space and fitness facilities.
It is HEI’s second acquisition in the San Diego metro area, a company official said. The company also owns the 349-room Hilton San Diego Mission Valley.
None of HEI’s nearly three dozen other leisure properties are in Connecticut, according to the company’s Web site.
