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Jim Lippman Of JRK Property Holdings Acquires Hilton La Jolla Torrey Pines For $165 Million

Property Image
SOLD
$165,000,000

California

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Hotel
Sold 07/18/2024
the dealdetailscomps
Property Image
SOLD

Jim Lippman Of JRK Property Holdings Acquires Hilton La Jolla Torrey Pines For $165 Million

10950 North Torrey Pines Road

See Similar Deals
Hotel
Sold 07/18/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale

The Hilton La Jolla Torrey Pines is a hotel property located at 10950 North Torrey Pines Road in the La Jolla market, encompassing 11.4 acres and featuring 394 keys. The property was sold for $165,000,000, translating to a per key price of $418,782. This hotel benefits from proximity to Torrey Pines Golf Course and has a track record of outperforming market expectations.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $165,000,000
  • Address: 10950 North Torrey Pines Road - Hilton La Jolla Torrey Pines
  • Market: La Jolla
  • Acres: 11.4
  • Keys: 394
  • PPK: $418,782
  • Buyer: Jim Lippman - JRK Property Holdings
  • Seller: Braemar Hotels & Resorts

Jim Lippman, representing JRK Property Holdings, acquired the Hilton La Jolla Torrey Pines from Braemar Hotels & Resorts. JRK Property Holdings intends to make substantial capital investments to improve guest experiences at the property, which has consistently demonstrated robust performance in the market.

Details

SOLD
IMAGE: Richard Stockton & Jim Lippman DATE: 07/18/2024 ADDRESS: 10950 North Torrey Pines Road - Hilton La Jolla Torrey Pines MARKET: La Jolla ASSET TYPE: Hotel ~ ACRES: 11.4 BUYER: Jim Lippman - JRK Property Holdings SELLER: Braemar Hotels & Resorts SALE PRICE: $165,000,000 KEYS: 394 ~ PPK: $418,782 NOTE: JRK Property Holdings acquired the 394-room Hilton La Jolla Torrey Pines from Braemar Hotels & Resorts for $165 million. The property, adjacent to Torrey Pines Golf Course, offers extensive amenities and has consistently outperformed the market, with JRK planning significant capital investments to enhance guest experiences.

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Operating Expenses (Annual)
Net Operating Income (NOI)

$8,800,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$586,210.14
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