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In April 2011, a joint venture between Clearview Hotel Capital and a partner acquired the fee simple interest in the 125-room former Holiday Inn Express in Old Town San Diego, California. The hotel was an REO asset sold by the lender. The hotel was originally built in 1989 and is located in the heart of the Old Town historic district. Clearview converted the hotel to a Fairfield Inn & Suites in January 2012 (9 months from acquisition) following a $4+ million comprehensive renovation of the hotel's interior and exterior, including all guestrooms, corridors and public spaces in January 2012.