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San Diego's Manchester Grand Hyatt Deal with
Sunstone Hotel Investors Goes Sour


By Lori Weisberg, The San Diego Union-Tribune
September 3, 2010

Hotel developer Doug Manchester has failed yet again to strike a deal to sell his majority interest in the Manchester Grand Hyatt, terminating negotiations with his latest suitor, Orange County-based Sunstone Hotel Investors.

In an e-mail sent last week to the San Diego Unified Port District, which is the hotel’s landlord, Manchester’s attorney, Michael Levinson, said Sunstone had made “material changes” to the terms of the proposal and therefore, the “deal has been terminated.”

Manchester had recently sought to broker a deal with Hyatt Hotels to give up his majority interest in exchange for a minority stake in the San Diego high-rise, along with two Hyatt properties in Atlanta and Chicago. That deal as well ultimately fell apart.

Sunstone, a real estate investment trust with interests in 30 hotels nationwide, is best known in San Diego for having walked away from the W Hotel downtown last year after concluding the property was no longer worth the debt it owed.


Manchester Grand Hyatt will not become
a Sunstone-owned hotel
.



Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


Also See: Skin Care Concierges Protect Hotel Sunbathers - The Newest in Amenities? / August 2010

Traveler Preferences are Changing: Upscale San Diego Hoteliers are Increasingly Becoming Pet Friendly Offering Pet Amenities From Surfing Lessons to Pet Psychic Sessions / August 2010

Former Owner of San Diego's W Hotel, Sunstone Hotel Investors, Wants to Acquire Manchester Grand Hyatt / August 2010

San Diego's Downtown W Hotel Now Owned by Lender / July 2010

During Downturn San Diego Hotel Owners Face a Delicate Balancing Act in Calculating When and How Much to Invest in Restorations / April 2010


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