Se Hotel San Diego Joins Hundreds of Hotels Falling Into Default
Se Hotel San Diego Joins Hundreds of Hotels Falling Into Default
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An unfriendly operating climate has taken its toll on another downtown San Diego hotel property — the latest of more than 30 in the region and 400 statewide to enter some stage of default.
Operators of the 184-room Sè San Diego hotel, an upscale boutique property at 1047 Fifth Ave. that opened in 2008, confirm that the hotel’s lender, a German bank, has filed a notice of default in connection with a $72.9 million construction loan. Such notice is the initial step in a foreclosure process.
I called this one back in December 2008: Setai San Diego Hotel Almost Open.
Which reminds me, I made a friendly wager with one of my droogs that this would happen before December 2010.
Time to collect.
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Michael Porfirio Mason
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