A partnership between Kawa Capital Management and CL Hotels has acquired Hotel La Jolla in San Diego. The property has 11 stories and 110 guestrooms and is operated by Curio Collection Hilton, which renewed its lease for 20 years. The sales price was not disclosed.

The partnership plans to invest an additional $5 million to $6 million to upgrade the property's lobby, pool, restaurants and guestrooms. The renovation will take two years, and will not disrupt operations. Joao Woiler, a principal of CL Hotels LLC, says that the upgrades will "provide the upscale facilities and services befitting of the area." Woiler expects to see a resurgence in both corporate and leisure travel.

San Diego is a premier hotel market, and is regularly ranked in the top 10 nationally. The market is also expected to recover rapidly from the pandemic. Research from CBRE forecasts full recovery of national hotel occupancy by 2022 and of average daily rate by 2023. While this illustrates a long recovery cycle, it also is an indicator that the hotel market will rebound in the near-term. San Diego is well positioned to outpace the US market in rebounding, with full recovery predicted in 2022.