La Jolla firm joins rush to acquire financially troubled hotels amid pandemic
Over the past year, hotels have faced much-diminished demand for overnight stays amid the coronavirus pandemic, which has sharply curtailed leisure and business travel.
(The San Diego Union-Tribune)
The newly formed Torrey Pines Hotel Group will join a Los Angeles-based firm to buy up financially distressed hotels at discounted rates and manage them long-term.
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As hotels struggle to survive a nearly year-long pandemic that has crushed business and leisure travel, an increasing number of companies are rushing in to acquire financially troubled properties at what they hope will be discounted rates.
FAIRFIELD-SUISUN, CALIFORNIA
San Diego firm joins rush to capitalize on hotels’ financial woes in wake of pandemic [The San Diego Union-Tribune]
As hotels struggle to survive a nearly year-long pandemic that has crushed business and leisure travel, an increasing number of companies are rushing in to acquire financially troubled properties at what they hope will be discounted rates.
Jumping into the fray locally is the newly formed La Jolla-based Torrey Pines Hotel Group, with has partnered with Los Angeles-based investment firm Bainbridge DSX to not only acquire lodging properties across the globe but also manage them for the long term.
The newly formed Torrey Pines Hotel Group will join a Los Angeles-based firm to buy up financially distressed hotels at discounted rates and also manage them long-term as travel eventually rebounds once vaccinations become more widespread