Historic Glorietta Bay Inn sold for $39M
SAN DIEGO – The historic mansion in Coronado that local magnate John D. Spreckels once called home has sold to a Los Angeles hotel company for $39 million.
Over 100 years ago, the landmark six-bedroom ocean property was built for a few zeros less: $35,000, the San Diego Union-Tribune reported.
The extravagant island property — now called The Glorietta Bay Inn — today includes 89 contemporary rooms and suites. It was sold to Kamla Hotels, a family-owned company that owns a mix of boutique and branded hotels in California.
The historic property didn’t come cheap. At $39 million, Kamla paid nearly $400,000 per room.
“It’s a high price, but its a phenomenal and irreplaceable location,” said local hotelier Robert Rauch, CEO of RAR Hospitality. “No one can build more hotels in Coronado. When you have a location that’s protected, the barriers to building are not only deep and significant, but virtually impenetrable.”