SAN DIEGO-Irvine, CA-based Pacific Hospitality Group LLC has acquired the 210-room Estancia La Jolla Hotel & Spa from an affiliate of Los Angeles-based investment, development and management firm, Lowe Enterprises. GlobeSt.com could not obtain a purchase price by deadline.
The Estancia La Jolla Hotel & Spa is located at 9700 N. Torrey Pines Road in La Jolla, CA. “Estancia La Jolla provides PHG the incredible opportunity to acquire one of the newest coastal California resort hotels,” says Kory Kramer, VP of acquisitions and development of PHG in a prepared statement. “Estancia La Jolla is a beautiful hotel property in a prime location on Torrey Pines across from the world-renowned University of California San Diego.”
Kramer adds that “We will continue to grow both the leisure and group conference business, especially given the volume of surrounding health and technology related companies.”
As an owner and operator, PHG will assume management of Estancia La Jolla. “We are very excited about Estancia La Jolla and look forward to taking the hotel to the next level. Estancia La Jolla is a perfect fit within our expanding portfolio of high-quality full-service conference/leisure hotel assets,” says Timothy Busch, CEO of PHG.
Estancia La Jolla features Spanish hacienda-style architecture with gardens, courtyards and outdoor seating areas across the 10-acre property. Among the hotel’s amenities are three restaurants and lounges including Mustangs & Burros, the 8,000-square-foot Spa at Estancia, and San Diego’s IACC-certified conference facility comprising 26,000 square feet.
Estancia La Jolla was developed by Lowe and opened in 2004. John Strauss of Jones Lang LaSalle represented Lowe Enterprises in the transaction. PHG was advised by Bruce Baltin of PKF Consulting and assisted by Eagle Four Equities LLC. JLL also did not respond to queries for sale price by deadline.
According to a recent article written by GlobeSt.com, PKF Consulting’s recent data analysis gives plenty of reason to feel optimistic about property values for the coming year. The consultants anticipate that RevPAR will continue to increase by 6.2% going into 2012.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
