LOS ANGELES— Lowe Enterprises, a national real estate, management and development firm, has closed out its $52 million investment fund called Destination Hospitality Development, LLC. It provided equity capital for hotel and resort developments undertaken by Lowe. An equity investment of $29.5 million has been allocated for the Blackhorse Hotel, a 210-room resort and conference center on North Torrey Pines Blvd. in La Jolla, CA. Construction is scheduled to begin this fall. Lowe was chosen to develop the resort and conference center by the propertys owner, the University of California at San Diego (UCSD). The the 210-room Blackhorse Hotel will be set on 9.5 acres adjacent to the UCSD campus near the Salk Institute and the communities of La Jolla Farms and Blackhorse. The property will be designed by Hill Glazier Architects in an “Old California” style, and will feature a 25,000-square-foot conference facility along with dining facilities, a large pool and a spa. It is set to open in the spring of 2004.
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