Harbor by Signalry · Buy / sell deskTape 123 of 282Cited price
Public tape · 123 of 282 · 2021
LeaseholdDec 1, 2021Historical cited · 2021
Estancia La Jolla Hotel & Spa — Pebblebrook leasehold acquisition
Pebblebrook acquired the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa on December 1, 2021 for a $108.0 million purchase price. Harbor PPK is $108.0 million ÷ 210 and is a leasehold number — do not apply it as a fee-simple La Jolla rooms deed. The same 8-K names the ground lease with The Regents of the University of California, expiring January 30, 2066. Use the $108.0 million table price, not the $46.0 million cash and not the $62.0 million assumed loan — those are funding, not a second hotel price. Seller unnamed. Not Hotel del Coronado and not Braemar’s Hilton La Jolla Torrey Pines $165 million tape. Jekyll Island Club Resort $94.0 million / 200 is its own tape. The Kimpton Sir Francis Drake $157.6 million net-proceeds line stays off. Older than the 2025–26 blotter cut.
$108.0M
Cited consideration · 210 keys · $514k / key
Pebblebrook 8-K: $108.0 million for the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa. Ground lease through January 30, 2066. Leasehold — not a Hotel del Coronado PPK.
Cited consideration on the left. Harbor’s labeled defaults on the right. A gap is a question, not a bid. Portfolio tapes and seller paper stay footnoted. Not an appraisal.
Tape
$108.0M
$514,286 / key · 210 keys
Worksheet
$123.6M
$588,603 / key · Harbor defaults
Gap
+14%
San Diego · worksheet vs tape PPK
Pebblebrook 8-K: $108.0 million for the leasehold interest in the 210-room Estancia La Jolla Hotel & Spa. Ground lease through January 30, 2066. Leasehold — not a Hotel del Coronado PPK.
La Jolla Estancia. Pebblebrook bought the leasehold interest in the existing 210-key house on December 1, 2021 for $108.0 million (8-K). Seller unnamed. Ground lease with The Regents of the University of California expires January 30, 2066 — Harbor PPK is a leasehold number. Not Hotel del Coronado, not Hilton La Jolla Torrey Pines $165 million, and not Sunstone’s 2021 Embassy Suites La Jolla $226.7 million / 340 sale. Jekyll Island Club Resort $94.0 million / 200 is its own tape.
Braemar closed the 394-room Hilton La Jolla Torrey Pines on July 17, 2024 for $165 million, or approximately $419,000 per key as Braemar rounded it. Harbor PPK is $165 million ÷ 394. Use the $165 million hotel price, not Park’s later pro-rata share of approximately $41 million from the same house. Braemar’s 7.2% cap inclusive of $40 million anticipated capex is Braemar’s narrative, not a second price. Buyer unnamed on this tape — Harbor will not invent a desk from trade press. Not a Hotel del Coronado tape. Older than the 2025–26 blotter cut.
Sunstone sold the 340-room Embassy Suites La Jolla on December 2, 2021 for a contractual sale price of $226.7 million. Harbor PPK is $226.7 million ÷ 340. The same FY2021 Exhibit 99.1 names December 2, the 340 rooms, and that price. Use the $226.7 million contractual price, not the $56.6 million assigned loan and not the $148.8 million gain. Buyer unnamed. Not Pebblebrook’s 2021 Estancia La Jolla $108.0 million leasehold, not Braemar’s Hilton La Jolla Torrey Pines $165 million, and not Apple’s 2015 Courtyard San Diego $56.0 million / 245. Older than the 2025–26 blotter cut.