An unknown buyer has signed a definitive agreement to acquire Hilton La Jolla Torrey Pines located in La Jolla, California from Braemar Hotels & Resorts Inc. (NYSE:BHR) for approximately $170 million on May 6, 2024. Including anticipated capital expenditures of $40 million, the sale price represents a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024. For the 12 Months Ending March 31, 2024, Hilton Torrey Pines had a Net income of $0.3 million, Interest expense $11.5 million, Amortization of loan cost $0.5 million, Depreciation and amortization $4.2 million, Non-hotel EBITDA ownership expense $0.5 million, Income tax expense $0.2 million, Hotel EBITDA $17.2 million, Capital reserve $2.5 million, and Hotel Net Operating Income $14.7 million. The transaction is subject to several customary conditions, including approval from the City of San Diego, the ground lessor. The transaction is expected to be completed by August 2024.

An unknown buyer completed the acquisition of Hilton La Jolla Torrey Pines located in La Jolla, California from Braemar Hotels & Resorts Inc. (NYSE:BHR) on July 17, 2024.