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Driftwood Acquisitions buys Marriott hotel in San Diego for $85.7M

Driftwood Acquisitions and Development paid $85.7 million to buy the 353-key Marriott Mission Valley hotel in San Diego, marking its entry into the California market, The Real Deal reported.

The hotel developer and operator is seeking investors to co-invest in the property, which sits on a 7.4-acre site. It plans to develop a second 150-key hotel on the same site at 8757 Rio San Diego Drive, with construction slated to begin in 2021, according to the March 24 report.