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:
San Diego, CA
San Diego health officials monitor hantavirus situation as cruise ship passengers return to U.S.
SAN DIEGO (KGTV) — American passengers from a cruise ship hit with a hantavirus outbreak are back in the United States.
San Diego County health officials say they are monitoring the situation and there is no need for panic.
“The risk to Californians is really low and especially here in San Diego. Since the year 2000, we’ve only had 4 cases of hantavirus and the majority of those were in travel related cases so not even acquired here locally,” Ankita Kadakia, deputy public health officer for the County of San Diego, said.
According to the CDC, hantavirus is spread through contact with infected rodents.
“The virus can be in their saliva, feces or droppings,” Kadakia said.
San Diego County does see cases of rodents infected with hantavirus, but the strain seen locally is not the same strain connected to the cruise ship outbreak.
“The vast majority of strains of hantavirus are mouse or animal to human transmission. Not human to human transmission. So the Andes strain, which is found in Argentina, there is evidence that there is human to human transmission,” Dr. Ahmed Salem, a pulmonologist at Sharp Memorial Hospital, said.
Salem treated hantavirus during the 2012 Yosemite National Park outbreak.
“One of the ways you die from hantavirus is you get a collapse of your cardiac system and your pulmonary system and you have to go on something called ECMO. It’s one of the most aggressive forms of life support that you can do. So I do remember that case, and unfortunately, that person passed away,” Salem said.
There is currently no cure or vaccine for hantavirus. Health officials stress that for those who were not on the cruise ship, the risk of contracting the virus remains low.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
Here’s some instant reaction from the Padres’ wild 3-2 victory
It seemed like the same tired story.
Instead, it was the same thriller.
The Padres pushed their offensive lethargy as long as possible without paying for it Sunday, tying the game with two outs in the ninth inning on Nick Castellanos’ two-run homer and then celebrating after Manny Machado’s sacrifice fly in the 10th inning gave them a 3-2 victory over the Cardinals.
“Getting it done,” Machado said.
That’s it. That is all they are doing.
And at what is essentially the quarter mark of the season, the Padres are 24-16 and tied with the Dodgers atop the National League West.
The shocking component of their having the major leagues’ fifth-best record is that the Padres rank in the bottom three among MLB’s 30 teams in batting average and OPS.
They split with the Cardinals despite having 14 hits, their fewest in a four-game series in franchise history. Their 61 hits over their past 10 games are the fewest in a stretch that long since 2019, and they are 5-5 in those games.
“It sucks; we need to hit; Machado said. “I mean, you know, look, it’s obvious. We’re not hitting. It’s obvious, but we’re getting things done, man.”
Sunday was the Padres’ 12th victory this season in which the decisive run was scored in the seventh inning or later. That is exactly half their victories.
It was their fourth walk-off victory, their second in extra innings. It was the seventh time that a run scored in their final offensive half-inning decided a victory.
So it is no small thing to proffer that Sunday was possibly their most dramatic triumph. Because it was possibly their most unlikely one.
Not only were they a strike away from defeat, but they began the ninth inning having gotten two hits all day.
The Cardinals took a 2-0 lead in the fourth inning on their first two hits off Walker Buehler — a single by Alec Burleson and a home run by Jordan Walker with two outs. Buehler pitched six innings, allowing just one more hit before Ron Marinaccio worked two scoreless innings.
But the Padres were unable to make anything of their seven at-bats with runners in scoring position over the first eight innings. They had walked five times but had just Jackson Merrill’s third-inning single and Xander Bogaerts’ fourth-inning double to that point.
“Really good teams find ways to win games when they’re not doing their best,” Gavin Sheets said. “… We’re not clicking on all cylinders by any means. And I don’t think any of us would say that he’s on a roll right now, but we’re getting hits in a timely fashion and it’s someone different every night.”
Almost.
The Padres have game-winning RBIs from 10 different players. They have go-ahead RBIs from 13 of the 14 position players who have been on their roster this season. Sunday was Castellanos’s third game-tying RBI.
His home run, on the ninth pitch of his at-bat against Cardinals closer Riley O’Brien, was something of a clinic by a veteran hitter who is in his first season as a role player.
Castellenos, who entered the game as a pinch-hitter in the seventh inning and remained in right field, came to the plate with Bogaerts at first base with two outs.
Bogaerts’ single leading off the inning had been followed by two strikeouts, and Castellanos fell behind 0-2 before working the count full and then sending a 99 mph sinker on the inner edge of the plate almost to the ribbon scoreboard fronting the second level of seats beyond left field.
“The first pitch started, and I was probably looking to do what I did,” he said. “And then I ended up getting 0-2 and chasing. After that, just took a deep breath and tried to shorten up as much as possible and just compete. Just find a way on base. And then found myself in a full account and was able to get the job done.”
It was the first home run allowed by O’Brien this season.
With closer Mason Miller not available after throwing 29 pitches over 1⅓ innings on Saturday, Jeremiah Estrada got the first two outs of the 10th. With runners on first and second, Adrian Morejón entered the game and got an inning-ending pop out on his first pitch.
Gordon Graceffo was on the mound for the Cardinals, and Ramón Laureano was the Padres’ automatic runner in the 10th. The Cardinals intentionally walked Merrill at the start before Fernando Tatis Jr. whittled a 1-2 count into a walk to load the bases.
The game was over one pitch later, when Machado sent a fastball to right-center field and Laureano slid across the plate well in front of right fielder Jordan Walker’s throw.
It was a somewhat subdued but still enthusiastic celebration along the first-base line, as teammates bounced around Machado.
“It’s hard to win a game like that,” Padres manager Craig Stammen said. “Their pitchers pitched great, and they’re bringing in one of the best closers in the game. And we just stuck with it. It just speaks to how those guys believe in themselves and how they believe in what we’ve got going on as a team.”
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