W Hotel in San Diego Sold

 The W hotel in San Diego, which went into foreclosure last year, has been sold for $56 million to the Rockpoint Group. The 258-room property, which includes 5,000 square feet of meeting space, was appraised at $28 million two years ago. According to the San Diego Union-Tribune, the price paid for the W is an indication of a reviving hotel industry. Rockpoint Group, a global real estate investment firm, recently partnered with Newport Beach-based Clearview Hotel Capital to purchase two other Old Town San Diego hotels.