San Diego’s biggest real estate transaction of the year closed March 24 when Bethesda, MD-based HOST Hotels closed escrow on the Manchester Grand Hyatt. HOST paid $570 million in cash and other considerations to the hotel’s developer Doug Manchester, ending the embattled Republican big-wig’s saga to sell the property.
Manchester, under the veil of his professed devout Catholicism, donated a hefty six-figure amount to the Yes on 8 campaign that ultimately ended marriage equality in California. Immediately following the November 2008 election, public relations guru Fred Karger launched one of the most effective boycotts in the history of the LGBT civil rights movement.
With the Hyatt as the boycott’s constant backdrop, Karger waged a withering three year campaign that industry insiders estimate cost Hyatt more than $10 million dollars in lost or canceled bookings. Hyatt Hotels, as much the victim of Manchester’s politics as the LGBT community, tried to buy Manchester out of the property a year ago. So did Sunstone Hotels. Both deals fell through under dubious circumstances, lending credence to the claims of damage done by Karger’s ingenious coalition of unions, professional organizations, ethnic minorities and others.
Manchester’s empire was abruptly divided in 2010 when his wife Betsy ended their 43 year marriage amidst allegations against him of serial infidelity. Could karma be any more poignant for a man who took marriage rights away from so many?
HOST Hotels has a chance to clean the stench of hate out of its big, new acquisition. The company’s been gracious to us at its other San Diego trophy-property, the Marriott Marquis right next door to the Hyatt. I hope San Diego’s myriad of worthy LGBT causes can help HOST find a way to make up for the sins of the past. Fred Karger and the San Diego LGBT community can proudly mark the Hyatt sale as a win in our ongoing struggle for equality.
Good things to come …
Just more than one year ago, my friend Michael Portantino approached me about writing a real estate column for the San Diego Gay and Lesbian Times. He had asked me twice before and I had politely declined. Last time, I agreed out of duty to a friend who was urgently trying to save San Diego’s most-respected LGBT voice. I would replace a costly syndicated column and as a favor to my friend, provided my work free of charge. Despite his efforts, the GLT folded and Michael sadly is gone.
When Stampp Corbin started the San Diego LGBT Weekly, my firm ARG Abbott Realty Group briefly provided office space while it located permanent office space. I gladly continued to provide creative content free of charge.
All acts of charity eventually end, and for me, that day is today. Writing a weekly column about real estate in the middle of a depression has not been the kind of personally uplifting experience that columnists enjoy when they control their subject matter. I believe the public is numb hearing about the bad behavior of banks and corporate greed while their homes are being taken from them.
On a personal note, I have found the hours of donated time required to write and research this column harder to find as my company and family grow. ARG just enjoyed its best quarter ever and grandchild number four arrives at the end of June.
With more than 50 commentaries in the last 13 months, we’ve broken stories about gay-hating elected officials, criminal bank behavior and plausible theories of life in Great Depression II. We saved local families a total of $26,000 in bogus short sale negotiator fees and we featured some great local agents and unique properties. One of my blog comments that also appeared here was picked up by my hero Bill Maher. The New York Times’ Paul Krugman proffered identical thoughts on the banking industry one week after mine were published right here in the San Diego LGBT Weekly. I think we’ve made a difference.
My observations about San Diego’s real estate market will routinely appear on our company website, argsd.com, along with information from experts from across the country. Thank you for being a terrific audience. I had a great time!
Jim Abbott is the President/Managing Broker of ARG Abbott Realty Group DRE LIC 1843472. He serves on the Board of Directors of the Nat’l. Assn of Gay and Lesbian Real Estate Professionals. He is a former board member at EQCA, SDAR, CAR and a past Library Commissioner for the City of San Diego. He can be reached at info@argsd.com or at his downtown office where his adult children pretend to let him run the company.
