universal up for sale

san diego business journal reports that universal in hillcrest is being shopped for a buyer, with owner james brennan struggling to pay more than a half million in construction-related debts. i didn't realize the amount of moolah that went into this place - 4.5 million, or one million over budget according to the article. apparently structural problems with the building contributed to the problem, which explains why it took so damn long for it to open. and with the club only profiting about 30K a month, it's going to take a long time to pay those bills - unless brennan finds a buyer fast. while the abbey owner was rumored to be in the running a while back, you have to wonder if the smart money is just going to wait this one out until they can get a great deal.

there was an article several months back about the slowing economy and its effect on the upper-end clubs. i wondered here about the clientele at clubs like brennan's (part-owned) stingaree - wouldn't the mortgage crisis hit many of the high-debt-flyers that frequent these places? with bar west having been sold in pacific beach, along with the witherby downtown, and universal and side bar (downtown) up for sale (not to mention stingaree being available "at the right price"), it sounds like brennan is feeling the effects. which is too bad, since he's set the bar for high quality clubs in san diego. unfortunately i think closings are bound to hit some of the upper-end places in san diego given the current economic climate.