The latest news on deals, developments, data and more.
JRK makes La Jolla acquisition: Los Angeles-based JRK Property Holdings has acquired the 394-room Hilton La Jolla Torrey Pines in La Jolla, California, from Dallas-based REIT Braemar Hotels & Resorts for $165 million. JRK made the acquisition through its $350 million hospitality fund. Braemar initially announced the sale in May.
Virgin Forms Strategic Alliance with Preferred. Miami-based Virgin Hotels has formed a strategic alliance with Newport Beach, Calif.-based Preferred Hotels & Resorts to add nine Virgin Limited Edition hotels to Preferred’s Legend Collection. All hotels will have access to the Preferred rewards program.
New hotel opens in North Naples, Fla. The $80 million, 160-room Perry Hotel Naples will open this fall in North Naples, Fla. It will be the second location for the boutique hotel brand Perry, which opened in Key West in 2017. Key West, Fla.-based FOD Perry Naples LLC purchased the 6.3-acre hotel site from Bay House Campus LLC for $4.8 million.
Moxy Centennial Olympic Park
The new Moxy in Atlanta. Atlanta-based Nextera Capital and Emerge Hospitality Group are building the Moxy Centennial Olympic Park, a 13-story, 183-room hotel in Atlanta’s downtown entertainment district. The hotel is scheduled to open in the second quarter of 2026. New York City-based LCP Group provided construction financing.
US weekly performance declines year-over-year: According to CoStar, US hoteliers performed better during the week of July 7-13 than the previous week, but declined year-over-year. Occupancy was 69.2% (down 3.7% year-over-year), ADR was $158.21 (down 1.5%), and RevPAR was $109.51 (down 5.2%). Of the top 25 markets, Houston recorded the highest year-over-year increases in each of its three key performance metrics: occupancy (up 13.4% to 72.2%), ADR (up 22.4% to $137.17), and RevPAR (up 38.8% to $98.97) as the market’s performance was impacted by Hurricane Beryl. The largest declines in RevPAR were in Denver (down 29.4% to $125.40) and San Diego (down 26.7% to $188.40).
Garden Inn Reopens in Georgia: Atlanta-based Aperture Hotels and Satori Collective will reopen the 120-room Hilton Garden Inn in Columbus, Georgia, in August after a multimillion-dollar renovation that included all of the hotel’s public spaces, guest rooms and meeting rooms.
Marriott Adds Branded Residences Project in India. Marriott International has signed an agreement with Delhi-based Whiteland Limited for The Westin Residences, Gurugram, which will be the first residential development project under the Westin brand in India. The development will be the largest standalone branded residential project in India. The first phase will have 674 residences and is expected to commence in the second quarter of this fiscal.
Scandic Q2 results. Stockholm, Sweden-based Scandic Hotels announced that its net sales for Q2 2024 were SEK 5,871 million, up 3.1% year-on-year, and that its average room occupancy rate rose to 64% (up from 63% in Q2 2023). The hotel chain’s RevPAR was SEK 871 million (up from SEK 828 million a year ago), and its adjusted EBITDA was SEK 841 million (up from SEK 772 million a year ago). In July, Scandic signed two new contracts for hotels in Gothenburg and Umeå, Sweden. The company also signed a long-term financing agreement linked to sustainability. “Scandic delivered a strong quarter with improved operating performance and increasing profitability as we maintain the high pace for the expansion of our hotel portfolio and further commercial strengthening. “Reservations are as strong as last year and with more stable economies in the Nordic countries we have a positive outlook for market developments,” said President and CEO Jens Mathiesen.
