San Diego, CA
San Diego records biggest hotel sale so far this year: $165M
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.
JRK Property Holdings, a real estate company that focuses largely on multi-family housing, was drawn to San Diego because of its stature as a lucrative hospitality market. But the real draw was the Hilton property, given its highly desirable location near the coast, said executive Shaan Bhatia.
It also helped that JRK had $350 million in investor money still sitting in a separate hospitality fund waiting to be spent.
“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.”
While the hotel’s last major renovation was a decade ago, there have since been “patchwork” refreshes, Bhatia said.
The hotel, with rooms overlooking the Torrey Pines Golf Course and Pacific Ocean, continues to do well financially, but JRK still plans to eventually invest $30 million in property upgrades, although those specific plans have yet to be finalized, Bhatia said.
“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.”
Selling the hotel was Braemer Hotels and Resorts, which noted in a news release that the sale enabled it to pay off the last of its remaining debt maturities in 2024. JRK will not own the resort property itself as the Hilton Hotel sits on city-owned land. There are 63 years remaining on the hotel’s lease with the city, Bhatia said.
While JRK used a portion of its hospitality fund to help finance the Hilton purchase, a loan was still needed, Bhatia said. High interest rates have been a key factor fueling a downturn in hotel sales statewide. Bhatia, however, pointed out that his firm was able take advantage of more favorable loans via the commercial mortgage-backed security market. In the case of the Hilton acquisition, the company put in one-third equity and took out a loan on the balance, Bhatia said.
With the purchase of the La Jolla hotel, JRK will now own a total of 1,500 hotel rooms, including the Ace Hotel in Palm Springs, the Oceana Santa Monica, five properties in south Austin, and two in San Juan, Puerto Rico, Bhatia said.
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.
“The Hilton is the highest-priced hotel transaction in the San Diego market since 2022,” she said, “but the price per key (room) is lower than similar hotel types that traded in the area in the past five years. This is likely due to the needed capital expenditures or required property improvement plans.”
The 35-year-old Torrey Pines property, which at one time was owned by Hilton, last changed hands in 2013 when Braemar purchased it from Ashford Hospitality Trust as part of an eight-hotel portfolio. Ashford serves as the adviser to both the Hospitality Trust and Braemar. The last time the hotel was sold by itself was in 2003 when it commanded a price of $106.5 million.
“When you look at the price they paid per room — $418,000 — that’s still below replacement cost, and it would be extremely difficult to replace this hotel, because of its location and the fact you have to deal with the Coastal Commission,” said Alan Reay, president of Atlas Hospitality Group. “So I think it’s a very good acquisition for the buyer. San Diego is still one of the best performing markets in California.”
Nonetheless, hotel sales in California, Reay said, remain down compared to a year ago, but the decline has more to do with a disconnect between what hotel owners think their properties should sell for and the dollar figure that buyers are willing to pay.
Originally Published:
OCEANSIDE — The Frontwave Arena scoreboard showed 23 seconds remaining in the fourth quarter. Up 16, Francis Parker’s win over Westview High School for the CIF San Diego Section Open Division girls basketball championship was secure.
“No, no, no!” Parker head coach Courtney Clements screamed to freshman guard Jordan Brown, telling her there was no need to score.
So Brown walked the ball up the floor, from the backcourt, across midcourt, a 1,000-watt smile etched across her face.
With no Wolverines defending her, Brown dribbled from side to side across the logo. Then, a fraction of a moment before the final buzzer sounded, Brown flung the basketball high toward the rafters, then was engulfed by teammates.
The job was complete. Parker’s first Open Division title in program history was secure, the final reading 66-50 on Saturday night.
Of those final seconds, said Brown, who scored 23 points. “It was a surreal moment, knowing we worked for this all year long. It’s amazing.”
One reason it was amazing was because the top-seeded Lancers (21-7) were a decided favorite, but were stressed by the sixth-seeded Wolverines (20-9). Led by UC Santa Barbara-bound senior guard Sarah Heyn (18 points in the first half), Westview led 35-28 early in the third quarter.
“I just knew I had to do whatever it took to win,” said Brown. “Whether that was defense or offense. I just wanted to win, period.”
Sparked by its defense, Parker closed the quarter on a 14-0 run. Westview’s final 11 possessions of the quarter ended with five missed shots and six turnovers.
Still, the game wasn’t over. Heyn cut the deficit to 48-44 with just over six minutes to play on a bucket. But with 5:47 to play, Heyn was whistled for her fifth foul on a reach-in.
“Knowing their best player fouled out, we sealed the win,” said Brown.
As for Heyn, who finished with 23 points, she sat on the bench and pulled her jersey over her eyes, hiding tears.
Clements’ thoughts when Heyn fouled out? “I hope we can put this game away now.”
That the Lancers did, outscoring Westview 18-6 down the stretch.
The Lancers’ players and coach were effusive in their praise for Heyn, a four-year starter.
“She’s a great player,” said Brown.
“She played phenomenally,” said Clements. “She played the way you would think a senior would play in a championship game. She played desperately. She played every possession like it was the last 20 seconds of the game. She was extremely impressive. (Heyn buried five 3s, missing only once from deep.) She should be proud of herself.”
Clements was proud of her team for another reason. After blowing out two-time reigning Open Division champion Mission Hills by 26 in the semis, some thought Parker might cruise in the title game.
“I figured it was going to be a fight, and it was,” said Clements. “It was good that our girls had to come together, had to stick together. That’s what this is all about, developing character via the sport of basketball. When the kids face adversity, they have to make a decision. Who do they want to be? They showed the best version of themselves. That’s what I want to remember from a game like this.”
Francis Parker’s primary color is brown, which is fitting for the girls basketball team. They are led not only by the freshman Jordan Brown, but also junior Brieana Brown, a strong, aggressive and athletic 5-foot-11 wing.
Brieana Brown scored 25 points and yanked down a team-best eight rebounds.
About the team in brown being led by the Browns (who are not related), Jordan Brown said: “It’s super cool. I love Bri and our story. So many people think we’re related, that we’re siblings. In reality, we’re not, but we play like it.”
Francis Parker and Westview both will advance to the Southern California Regionals.
Earlier in the season, Clements — who was dressed in all black for the championship game — confessed she wasn’t crazy about Parker’s primary color. Her mood shifted Saturday night.
“Brown’s doing well for me now,” she said.
Asked if Lancers’ Brown squared tandem represents the best one-two girls basketball punch in the San Diego Section, Clements gave the questioner a “What do you think?” smirk.
“That,” said the coach of the Open Division champions, “is a no-brainer.”
Joan Endres
OBITUARY
Born January 1939 in Cincinnati Ohio. Died February 14, 2026, in San Diego, California, with her sons at her side. Her beloved husband Dean passed away in 2010.
Joan was the only child of Thomas and Edna Palmer. In 1943, the family moved to San Diego, where Joan graduated from Helix High School in 1956.
In 1957 Joan married Dean Endres of San Diego, where they raised two sons. Joan followed her two great passions outside the home, the Arts, and Gardening. Both activities being a way to bring beauty to others and to the community.
Joan received a degree in Environmental Design from San Diego State University, and afterwords worked at UCSD, for the Campus Architect.
As an artist, Joan worked in various media, especially ceramics. She was active in many cultural and arts organizations, eventually becoming President of the Combined Organization for the Visual Arts (COVA). Later she turned to gardening, with the Water Conservation Garden at Cuyamaca Community College and the Master Gardener Association of San Diego County.
Joan is survived by her son Jeff and wife Katrin, grandson Jackson, and son Todd Endres, all of La Mesa, and sisters Alice Buck of Phoenix, Elaine Kennedy of San Diego, Nancy and husband Don Jones of Vista, Eva Budzinski of Cloudcroft, New Mexico, and their children and grandchildren.
There will be a Celebration of Life for Joan in the near future. Those who wish to attend should contact celebratejoanuvart@gmail.com to receive details when they are confirmed. In lieu of flowers, the family respectfully suggests a donation to the Water Conservation Garden or the Diego Visual Arts Network (SDVAN).
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