diegan/setai condotel returns deposits
according to an unconfirmed report in the san diego business journal, the diegan hotel is returning the deposits of owners who bought the living/rental units and going to an all-hotel business model. it's part of an article on the demise of the condotel trend, which also points to the isolated success of the new hard rock hotel downtown, and the new hotel del coronado beachfront units. ahh condotel we hardly knew ye. but given the downturn in the second home market, which is related to the subprime lending meltdown, it's not surprising that demand has dried up for these projects.
the article also mentions that the diegan is now the setai, which is the name of its new management company. which is too bad - the name was one of the neatest things about this project.
(update, 11/07/2007: image above was diamond view, not setai. fixed.)
posted by Paul Jamason @ 10/14/2007 12:14:00 AM
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is this really true about the Diegan returning deposits??? where can i verify this.....this is not the information the sales office is telling us...
at the risk of copyright issues, here's the relevant text from the sdbj article:
According to one published account, Steve Rebeil, a partner in 5th Avenue Partners of Orange County, the Diegan’s developer, said that he planned to return buyers’ deposits and the property would open as a regular hotel.
The partnership declined to comment. However, Nick D’Annunzio, with the Miami-based public relations firm Tara Ink., which represents 5th Avenue Partners, said sales of its condotel units are continuing.
A 2008 opening, possibly as early as February or March, was planned, D’Annunzio added.
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