Local Restaurant Group Buys North Park's Famed Lafayette Hotel For $25.8 Million

San Diego CA

19 March, 2021

8:54 PM

Description

By Editor, Times of San Diego March 18, 2021 North Park's historic Lafayette Hotel has been purchased by San Diego-based hospitality group CH Projects for $25.8 million. Victor Krebs of Colliers San Diego Region represented the seller, Lafayette Landlord LLC, a San Diego-based investment group. Krebs also represented the seller in its purchase of the property in 2004. CH Projects was self-represented. The new owner plans to restore and update the rooms and add several food and beverage venues to the property. "The Lafayette Hotel has great potential given the period architecture, gracious common areas, beautiful pool and vibrant North Park location. The property generated strong interest from several investors, but CH Projects' vision met the sellers' desire to select a buyer that would continue the legacy of this great hotel," Krebs said. According to the San Diego Daily Transcript, the Lafayette sold in 2004 for $9.6 million. The hotel, which opened in 1946 and once was a favorite of old movie stars from Bob Hope to Ava Gardner, suffered a slow decline and had fallen into disrepair by the turn of the century. It was restored though within the last decade. The Lafayette Hotel, 2223 El Cajon Blvd., has 131 rooms, along with an Olympic-size pool, restaurants and bars. Times of San Diego is an independent online news site covering the San Diego metropolitan area. Our journalists report on politics, crime, business, sports, education, arts, the military and everyday life in San Diego. No subscription is required, and you can sign up for a free daily newsletter with a summary of the latest news.