Today on the Southern California Real Estate Report we talk about the City of San Diego's purchase of two hotels to house homeless.
The Hotels are located in Mission Valley and in Kearny Mesa.
The City paid over 106 million for the two properties.
It appears the City well over paid for the hotels. If fact the City paid the highest per-room cost for any hotel room sold in San Diego.
The City paid around $349,000 per door for the Residence Inn Mission Valley, while the next highest sale, the Hotel Palomar paid under $300,000 per door for a much nicer hotel with way more amenities.