Posts Tagged ‘hospitalityindustry’
Prized Marriott La Jolla Hotel Sold to New Owners in $187.6 Million Deal
News Source: www.lajolla.com November 3, 2022 The Marriott La Jolla has been sold in a $187.6 million deal that marks the second most expensive San Diego hotel sale this year. Marriott La Jolla is a 376-room property that was first built in 1985. According to the San Diego Union-Tribune, it has been sold as part of…
Read MoreBillionaire weighs buying Montage Laguna Beach resort for $650 million
The buyer is rumored to be restaurant and hotel owner Tilman Fertitta By: Staff & News Service ReportsNovember 2, 2022 Is the Montage Laguna Beach luxury resort about to get a new owner? Bloomberg News reports billionaire Tilman Fertitta is close to acquiring the 250-room oceanview hotel in Orange County for about $650 million, according…
Read MoreHotel Sales Surged To Pre-Pandemic Levels Last Year, Reflecting Investor Confidence
As leisure travel made a comeback last year, deals for hotels worth $25M or more reached levels not seen since 2018. Total sales nearly quadrupled in 2021 compared to 2020, reaching $21.5B, Real Estate Alert reported. That number represents a 265% year-over-year increase, demonstrating investors’ confidence in the travel sector’s recovery and rising interest in deploying capital…
Read MoreHyatt Place S.F. sells as hotel sales stay hot
More than half a billion dollars worth of S.F. hotels changed hands in 2021. We knew it was a hot year for California hotel flipping in2021, but the numbers out this week from Atlas Hospitality’s year-end hotel sales survey show just how unprecedented it really has been.Case in point: On Monday morning it was announced…
Read MoreCalifornia Hotels Saw ‘Unprecedented Sales Volume’ In 2021
As the hospitality industry continues to recover from the coronavirus pandemic, California hotels set new investment records in 2021. A 2021 year-end report from hotel brokerage Atlas Hospitality Group found individual hotel sales in the state surged 71% over the previous year to a record 510 transactions. Dollar volume for hotels also hit a record $9.9B, and a record number of…
Read More5 Things To Know for Feb. 7
Today’s Headlines: Frontier Airlines To Buy Spirit in $6.6 Billion Deal; Travel Industry Prepares for Endemic COVID-19; California Hotel Sales Break Multiple Records; Airfares Surge for Spring and Summer Travel; Future of Hotel Minibars Questioned in Age of Mobile Delivery https://www.costar.com/article/1421962403/5-things-to-know-for-feb-7 By Bryan Wroten | Hotel News Now February 7, 2022 | 7:23 AM Editor’s Note:…
Read MoreLarge-Scale Sales Shatter California Hotel Transactions Records
Survey Reports 510 Deals That Total Nearly $10 Billion https://www.costar.com/article/1977010959/large-scale-sales-shatter-california-hotel-transactions-records By Bryan Wroten | Hotel News Now February 7, 2022 | 6:29 AM By every measure, 2021 was a record year for California hotel deals. The California Hotel Sales Survey 2021 Year-End reports there were 510 hotel deals for the year, up 71% compared to 2020…
Read MoreHotel Sales, Post-Pandemic, Offer Economic Hope
https://www.connectcre.com/stories/hotel-sales-post-pandemic-offer-economic-hope/ California + San Diego + Hospitality | February 9, 2022 By: Jason Middleton The economic impact of the pandemic rippled through just about every economic sector, category and even household. Travel and hospitality, though, got walloped in 2020, and lingering bruising in 2021. The World Tourism and Travel Council expects a 6.2 percent jump from 2021’s overall tourism impact, globally. In the…
Read MoreHotel Industry Sees Record High Openings
BYHANNAH MADANS WELK FEBRUARY 14, 2022 https://labusinessjournal.com/special-reports/hotel-industry-sees-record-high-openings/ Pandemic-related travel restrictions are still being observed in many places, but you wouldn’t know it based on the number of hotel rooms that opened in the Golden State last year. In 2021, California set a record for the number of hotel rooms to open in a year, with…
Read MoreSan Diego Hotels Sold as California Investment Climate Gets More Hospitable
Orange County Investor Buys Two Properties in $72 Million Deal By Lou Hirsh | CoStar News February 11, 2022 | 2:44 P.M. https://product.costar.com/home/news/shared/24528047?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p9&t=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJjb250YWN0SWQiOiIxOTgzMzU2IiwiY3VsdHVyZUNvZGUiOiJlbi1VUyIsImlhdCI6MTY0NDg1MDEwNX0.ereO77EpmDRczmbj-TLkn_KnVw-BNlS13Wt-IaqouW0 Two hotels with nearly 300 combined rooms in San Diego’s Old Town neighborhood were sold for $72 million as hospitality property values have been rising across the state amid an improving tourism economy. Investor MIG…
Read MoreBay Area hotel buying binge sprouts, puts COVID in “rear-view mirror”
Investors launch shopping spree for Bay Area, California hotels By: GEORGE AVALOSGEORGE AVALOS | gavalos@comgavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: February 11, 2022 at 10:30 a.m. | UPDATED: February 14, 2022 at 2:39 p.m. https://www.mercurynews.com/2022/02/11/bay-area-hotel-buy-binge-covid-rear-view-mirror-economy-real-estate/ California’s the California’s hotel market experienced a boom year for sales activity, a surge that included the Bay and…
Read MoreL.A. Rising: Burbank
BY: HANNAH MADANS WELK | FEBRUARY 28, 2022 https://labusinessjournal.com/special-reports/l-a-rising-burbank/ Numerous projects are either under construction or in development in Burbank. Part of the Tri-Cities market, Burbank is a media and entertainment capital, counting Walt Disney Co., ViacomCBS and Warner Bros. among its employers, that has drawn more companies and prospective tenants to the area in…
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