Daily Business Report — July 19, 2011
Troubled Se Hotel Sold to Kimpton Affiliate
The debt-plagued Se Hotel in Downtown San Diego, now in bankruptcy proceedings with owner 5th Ave Partners, has been sold to an affiliate of Kimpton Hotels & Restaurant. CB Richard Ellis Group Inc. said it arranged the $49 million sale. 5th Ave Partners is the debtor in possession in Chapter 11 bankruptcy proceedings that are pending in court. CBRE Hotels was solicited by 5th Ave Partners to manage the marketing and sale of the 23-story, 184-room property at 1047 Fifth Ave. “We believe this transaction delivers a positive outcome for the parties—Kimpton adds a great new asset to its strong roster of luxury, boutique hotels and the value of the hotel was maximized for creditors,” said Charles Quinn, executive vice president of CBRE Hotels.
The hotel also includes 31,300 square feet of adjacent retail space, which is under a 15-year lease to the House of Blues, as well as the Suite and Tender Restaurant, the Siren Pool Bar and Uber Lounge, nearly 14,300 square feet of meeting space, a 5,500-square-foot spa, and an outdoor rooftop swimming pool with a 7,000-square-foot deck.
San Francisco-based Kimpton Hotels & Restaurants operates 52 hotels and 53 restaurants in 23 cities.
Sharp HealthCare Gets Financial Boost to Replace Downtown Clinic
Citi Community Capital and other investors have agreed to provide Sharp HealthCare with $39.7 million to assist it in building a new, 68,350-square-foot health care facility to replace the Sharp Rees-Stealy center on Fourth Avenue in Downtown San Diego. The other investors are Lowe Economic Development Co. and the East Los Angeles Community Union. The financing makes it possible for Sharp HealthCare to save funds to apply toward other important goals, according to Citi officials. The three-story design of the facility includes protection of the historic Moreton Bay fig tree located on the site, and an atrium that will offer views of Downtown San Diego and the ocean. Building the facility will provide an expected 250 predevelopment and construction jobs. Sharp HealthCare will maintain 236 full-time employees and add 16 additional full-time positions after the facility is operational in late 2012. “The new Sharp Rees-Stealy Downtown medical office building will provide a unique healing environment, including soft light filtering through windows and glass features, and a décor of blues and soft greens, to sooth our patients and their loved ones,” said Donna Mills, chief executive officer of Sharp Rees-Stealy Medical Center. “The building is designed to be a quiet space that reflects our organization’s dedication to health and well-being, and its unique healing environment design — influenced by the Moreton Bay fig tree — will subtly suggest the restorative properties of nature.”
Synteract Inc. Appoints New CEO
Synteract Inc., a research organization serving the biotech, medical device and pharmaceutical industry, has appointed Wendel Barr as its new chief executive officer. Barr previously was chief operating officer and executive vice president of Covance, a $2 billion, publicly held research company to the pharmaceutical industry. Barr had been with Covance since 2000, holding earlier senior management positions including corporate senior vice president and president – early development, as well as corporate vice president and general manager for Covance North American Laboratories. Prior to Covance, Barr was vice president and general manager at Marconi Medical Systems, a $1.6 billion global diagnostic imaging company. He had also held several positions with GE Healthcare, including general manager, from 1984 to 1999.
SCORE San Diego continues its series of low-cost workshops. Fees range from $29 to $109, depending on the program. To register online, visit score-sandiego.org. For more information, call (619) 557-7272.
• July 20 – Business Plan 201: How to Write a Winning Business Plan – 9 a.m. to 3:30 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $99, $109 at the door).
• July 21 – Hot to Start a Non-Profit – 9 to 11:30 a.m. at The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• July 22 – Intellectual Property: Promise and Practicalities – 9:30 to 11:30 a.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $29, $39 at the door).
• July 25 – Customer Service: The Key to Business Success – 9 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $39, $49 at the door).
• July 26 – Internet Marketing for Nonprofits – 9 to 11:30 a.m. The San Diego Foundation in Point Loma (2508 Historic Decatur Rd., #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• July 26 – Business Basics 101 – 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; no charge – please pre-register).
• July 27 – Internet Marketing 302: Develop a Winning Email Marketing Success Strategy – 9 a.m. to noon at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $49, $59 at the door).
• July 28 – Marketing & Contracting with the Federal Government – 9 a.m. to 3 p.m. at National University in Kearny Mesa (9388 Lightwave Avenue, San Diego 92123; pre-paid registration $69, $79 at the door).
• July 29 – Financial Statements: What They Mean, How to Use Them – 9:30 to 11:30 a.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
The Daily Business Report is produced by REP Publishing Inc., publisher of SD METRO, the North Park News, Kensington News and the West Coast Craftsman. Contact: Manny Cruz (619) 287-1865.