$350m hospitality fund makes sixth acquisition

JRK Property Holding has acquired the 179-room Ace Hotel & Swim Club Palm Springs in Palm Springs, Calif., from an affiliate of GFI Capital.

JRK acquired the resort through its $350 million Hospitality Fund, which focuses on cash-flowing full- and select-service hotels for value-add and core-plus investments across the country. It targets transactions of $20 million to $250 million but can acquire up to $1 billion for portfolios or large single assets.

The Ace Hotel, which opened in 2009, comprises seven buildings across a 5.04-acre campus, including three food and beverage venues, a spa and 7,500 square feet of event space. The hotel has a unique stronghold on the upscale boutique hotel market in Palm Springs, a market with more than 14 million visitors annually and growing from expanded airport routes, the new Acrisure arena, and growth in drive-to leisure demand, with a stable base of annual demand from events in Coachella Valley.

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