Among the noteworthy deals of the past week was JRK Property
Holdings’ acquisition of the Hilton La Jolla Torrey Pines in La Jolla,
California, from REIT Braemar Hotels & Resorts for $165 million.
LA JOLLA, California — Los Angeles-based JRK Property
Holdings has closed on the acquisition of the 394-key Hilton La Jolla Torrey
Pines in La Jolla, California, from Dallas-based REIT Braemar Hotels &
Resorts for $165 million.
JRK made the acquisition through its $350 million
hospitality fund. Braemar originally announced the sale in May and said it
anticipates capital expenditures of $40 million from the Hilton Torrey Pines
sale, representing a 7.2% cap rate on net operating income for the trailing 12
months ending March 31. After the sale closed, Braemer said it will have
refinanced or paid off its 2024 debt maturities.
To download our list of deals from the past week in Excel
format, click here.