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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.
- ◦Sale/Acquisition
