The Hilton La Jolla Torrey Pines hotel, which sits on leased city-owned land, is one of the priciest hotel sales in the Western U.S.
The sale of the 394-room resort next to the Torrey Pines Golf Course is among the priciest in the Western U.S. this year .In what is the single biggest hotel sale so far this year, the 394-room Hilton La Jolla Torrey Pines resort has been acquired for $165 million by a Los Angeles-based investment firm that owns no other hotels in San Diego.
“The Hilton was on the market, and we’d been hunting,” said Bhatia, who is head of hotel investment for JRK. “San Diego is in our view one of the major growth markets, and there’s a very strong life sciences corridor next to this hotel that makes this a very strong long-term bet to make. It’s also in a sub-market where there’s no new supply coming in.”
“Over time, the property will need some level of upgrade, particularly the rooms,” he conceded. “But the property still performs extremely well and outperforms almost all of the local competitors in the aggregate because of its location and brand. We’re working through our plan right now but over time there should be a relatively comprehensive renovation.”
Emmy Hise, senior director of Hospitality Analytics for the commercial real estate firm CoStar, pointed out that while the Hilton Torrey Pines is among the priciest sales in the Western U.S., the price paid per room is less than comparable sales in the area.
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