June 21, 2017
Dallas-based Ashford Hospitality Prime, Inc. extended a ground lease at the Hilton La Jolla Torrey Pines hotel. The four-star, 394-room hotel sits on 11.38 acres, owned by the City of San Diego, adjacent to the legendary Torrey Pines Golf Course and the Torrey Pines State Preserve.
The hotel is owned in a joint venture between subsidiaries of Ashford Prime and Park Hotels & Resorts, Inc., with Ashford Prime holding a 75% interest in the JV. The lease, which currently expires in 2043, will be extended by 24 years and will now expire in 2067.
Ashford Prime’s Richard J. Stockton said, “In addition to adding significant term to the current lease, this agreement also provides a significant extension opportunity should we invest in the property at similar levels as we have historically.”
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