High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

California  + Inland Empire  + Hospitality  | 
JRK Property Purchases Palm Springs Hotel

JRK Property Purchases Palm Springs Hotel

JRK Property Holdings has acquired the Ace Hotel & Swim Club Palm Springs, a 179-room, 7-building, property in Palm Springs, CA. JRK dipped into its $350 million Hospitality Fund to acquire the Hotel from GFI Capital. Terms were not disclosed.

“This was an outstanding opportunity to acquire a strong cash-flowing resort with multiple levels to drive value,” said JRK’s Shaan Bhatia. “We intend to invest significant strategic capital to elevate the property and enhance the guest experience in the rooms and public spaces, as well as generate incremental returns for our investors.”

The Ace Hotel is a 13-year-old resort located on a 5-acre campus on East Palm Canyon Drive. The property features three food and beverage venues, a spa, and 7,500 square feet of event space. 

After closing on this property, JRK still has more than 80% of its Hospitality Fund uninvested, and looks to spend the remainder by the end of 2023.

Connect

Inside The Story

JRK Property HoldingsGFI CapitalAce Hotel & Swim Club

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
New call-to-action