TheAustin Marriott South is one of the hotels in the five-propertyportfolio purchased by JRK.
AUSTIN, TX—Indicating that a group of hotels was a purchase itcould not pass up, JRK Property Holdings acquired a five-Marriottportfolio from an affiliate of RLJ Lodging Trust. The $65 millionall-cash purchase also marks the first multi-property hotel dealthe Los Angeles-based real estate investment firm has made in thehospitality arena, the debut acquisition originated by JRK'sinaugural $350 million hospitality fund.
"We think there's a real opportunity in the hotel space rightnow and are excited to get our first deal closed in the new fund,"Danny Lippman, vice president of JRK Investors, the real estateinvestment arm of JRK Property Holdings, tells GlobeSt.com. "Overthe next year, we're looking to invest $1 billion to grow our hotelplatform."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
