Posts Tagged ‘hospitalityindustry’
A new hotel rising soon in San Diego’s Mission Valley
The Marriott property is one of only two hotel projects in the county to break ground this year By LORI WEISBERG | The San Diego Union-Tribune PUBLISHED: June 27, 2024 at 6:00 a.m. | UPDATED: June 27, 2024 at 10:47 a.m. A new seven-story hotel that will include a number of extended-stay guestrooms will soon be rising in Mission Valley…
Read MoreTarsadia Investments refinances Anaheim Marriott with $125M loan
Bank of America provides fresh debt on 1,030-key hotel JUN 25, 2024, 2:30 PM – By Isabella Farr Tarsadia Investments, run by Orange County hotelier Tushar Patel, has refinanced its 1,030-key Anaheim Marriott hotel. The firm scored a $125 million loan from Bank of America on the hotel, located at 700 West Convention Way, adjacent to…
Read MoreFormer Ace Hotel in downtown L.A. reopens as ‘Airbnb on steroids’
By Roger Vincent Staff Writer June 21, 2024 1:42 PM PT The former Ace Hotel in downtown Los Angeles, which helped lead an economic revival on a historic stretch of Broadway a decade ago, has reopened as a minimal-service operation akin to Airbnb, following a strategy that has become increasingly common for struggling hotels in recent years.…
Read MoreResort at Pelican Hill switching to Marriott management, St. Regis brand
Marriott International will begin day-to-day management on July 1 By JONATHAN LANSNER | jlansner@scng.com | Orange County Register PUBLISHED: May 24, 2024 at 9:15 a.m. | UPDATED: May 24, 2024 at 1:09 p.m. The Irvine Co. will turn over day-to-day management of its Resort at Pelican Hill to Marriott International, with the luxury hotel eventually joining the St. Regis brand. The Newport…
Read MoreManhattan Beach Hotel Sells for $68M
HANNAH WELK | MARCH 22, 2024 The Residence Inn in Manhattan Beach has sold for $68 million. Jones Lang LaSalle Inc. represented the seller, Washington Holdings, in the offloading of the 176-room property. Land and Houses USA Inc. purchased the asset. Twenty Four Seven Hotels will manage the property. “The addition of Residence Inn by Marriott Manhattan Beach to our portfolio…
Read MoreWestbrook Partners defaults on loan tied to San Francisco Four Seasons
By Sarah Klearman and Alex Barreira – San Francisco Business Times | Mar 14, 2024 Updated Mar 14, 2024 5:50pm PDT This week Westbrook Partners was served a notice of default for a $72.5 million loan tied to 222 Sansome St., the home of the Four Seasons San Francisco at the Embarcadero. Westbrook, which acquired…
Read MorePark Hyatt Los Angeles Unveils $14 Million Renovation Amid Sale Speculation
Sumitomo Realty & Development completes a $14 million renovation of the prestigious Park Hyatt Los Angeles, sparking market speculations and impacting the hospitality industry. Sakchi Khandelwal | 28 Feb 2024 14:29 EST Sumitomo Realty & Development has recently completed a lavish $14 million renovation of the Park Hyatt Los Angeles, a landmark hotel situated in…
Read MoreSan Diego sets record on price paid last year for luxury resort. So why the grim news for hotel sales?
Similar to what’s happening in the housing market, high interest rates are depressing the volume of hotel sales, which in San Diego County recorded their second biggest decline in 15 years. BY LORI WEISBERG | FEB. 29, 2024 5:30 AM PT San Diego made history last year when the upscale Inn at Rancho Santa Fe sold for…
Read MoreSonoma County hotel sale tops California list for 2023, but plans for new Wine Country rooms remain sluggish
CHERYL SARFATY | THE NORTH BAY BUSINESS JOURNAL | February 19, 2024, 11:58AM Where in California do you think the most expensive hotel sale took place last year? If you said Sonoma County, you would be correct. In September, the Farmhouse Inn, a 25-room luxury property in Forestville, sold for $32 million, commanding $1,280,000 per…
Read MoreREAL ESTATEHOSPITALITY REAL ESTATE
Hotel Sales Sustained a Dismal 2023 BY BRYNN SHAFFER | FEBRUARY 19, 2024 California hotel sales plummeted last year, according to Atlas Hospitality Group, which recently released its 2023 end-of-year hotel sales survey. “The big jump-out is the dramatic or steep decline in number of transactions and dollar volume,” said Alan Reay, president of Atlas Hospitality Group,…
Read MoreBullish Los Angeles beckons hotel investors
BY STEFANI C. O’CONNOR | FEBRUARY 13, 2024 Politics, economics, taxes, lending environment shape lodging landscape in the City of Angels. LOS ANGELES — As a city bullish on enhancing itself as a tourist mecca — ostensibly to ensure its lodging base flourishes—Los Angeles as a destination for hotel investors presents more as a mix of select…
Read MoreHotel Sales Are Still Diving in California
Investors are not in a hospitable mood as trade value drops by 56%. By Jack Rogers | February 15, 2024 at 06:53 AM Investment sales in hotels plunged by more than 56% in California in 2023 as investors kept their powder dry waiting for better market conditions—the steepest cliff-dive for the hospitality sector in the Golden State since…
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