SAN DIEGO (KGTV) -- The historic Lafayette Hotel in San Diego's North Park neighborhood has sold for $25.8 million.
Colliers San Diego Region announced Thursday that San Diego-based restaurant and hospitality group CH Projects purchased the property.
The Lafayette Hotel, built in 1946 by former car dealer and developer Larry Imig, has 131 rooms, an Olympic-size pool and several restaurants and bars. The property is located at 2223 El Cajon Blvd in North Park.
Victor Krebs of Colliers represented the seller, Lafayette Landlord, a San Diego-based investment group. Krebs also represented the seller in its purchase of the property in 2004.
CH Projects -- which was self-represented -- plans to restore and update the rooms and add several food and beverage venues to the property.
"The Lafayette Hotel has great potential given the period architecture, gracious common areas, beautiful pool and vibrant North Park location," Krebs said. "The property generated strong interest from several investors, but CH Projects' vision met the sellers' desire to select a buyer that would continue the legacy of this great hotel."
CH Projects, also known as Consortium Holdings, already owns and has remodeled several of San Diego's most popular restaurants, including North Park- based American/Chinese restaurant Fortunate Son, East Village macabre speakeasy Noble Experiment, Old West-themed cocktail bar Polite Provisions and pink- pastel hued brunch sensation Morning Glory, among others.