How to Turn $70 Million into $63 Million in 7 Years: Build a 210-Room Hotel Adjacent to Campus

A straw in the wind about the Estancia Hotel in La Jolla next to UC-San Diego:

The seven-year-old, 210-room Estancia La Jolla Hotel and Spa, located adjacent to UC San Diego, has been put up for sale. The owner, Los Angeles-based Lowe Enterprises, is not saying why it's marketing the property nor did it divulge an asking price, but an online real estate publication estimates the luxury property could fetch more than $60 million. The hotel and conference center, which sits on a nine-acre site known at one time as the Black Family La Jolla Stables, was developed at a cost of $70 million. The Real Estate Alert newsletter estimates that the property could sell for $63 million...

Full story at http://www.signonsandiego.com/news/2011/jun/02/luxury-la-jolla-hotel-up-for-sale/

Maybe a lesson to be learned about the proposed UCLA hotel/conference center to replace the Faculty Center? Just a thought.

Anyway, as the song says, build it and "bring your alibis":