Marriott Portfolio Marks First Hotel Buy for JRK

The Austin Marriott South is one of the hotels in the five-property portfolio purchased by JRK.

AUSTIN, TX—Indicating that a group of hotels was a purchase it could not pass up, JRK Property Holdings acquired a five-Marriott portfolio from an affiliate of RLJ Lodging Trust. The $65 million all-cash purchase also marks the first multi-property hotel deal the Los Angeles-based real estate investment firm has made in the hospitality arena, the debut acquisition originated by JRK’s inaugural $350 million hospitality fund.

“We think there’s a real opportunity in the hotel space right now and are excited to get our first deal closed in the new fund,” Danny Lippman, vice president of JRK Investors, the real estate investment arm of JRK Property Holdings, tells GlobeSt.com. “Over the next year, we’re looking to invest $1 billion to grow our hotel platform.”