{"id":1004181213,"date":"2017-06-20T07:31:23","date_gmt":"2017-06-20T15:31:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181213"},"modified":"2022-12-08T17:24:00","modified_gmt":"2022-12-09T01:24:00","slug":"ashford-prime-extends-ground-lease-for-san-diego-hilton","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-prime-extends-ground-lease-for-san-diego-hilton\/","title":{"rendered":"Ashford Prime Extends Ground Lease for San Diego Hilton"},"content":{"rendered":"

By Ariela Moraru<\/p>\n

\"Hilton<\/a>

Hilton La Jolla Torrey Pines, San Diego<\/p><\/div>\n

Ashford Hospitality Prime Inc. has extended the ground lease<\/a> at the Hilton La Jolla Torrey Pines in San Diego by 24 years, with a new expiration date in 2067. The company holds a 75 percent interest in the four-star, 394-key property in a joint venture between its subsidiaries and Park Hotels & Resorts Inc.\u00a0<\/p>\n

Owned by the city of San Diego, the property is located at 10950 North Torrey Pines Road on 11.4 acres. The asset is adjacent to the Torrey Pines Golf Course and the Torrey Pines State Preserve, as well as Scripps Green Hospital.\u00a0 The property is 15 miles from San Diego International-Lindbergh Field airport. Property amenities include a business center, fitness room, pool, sundeck and tennis court.<\/p>\n

Further extensions<\/h2>\n

“In addition to adding significant term to the current lease, this agreement also provides a significant extension opportunity should we invest in the property at similar levels as we have historically,”<\/em> said Ashford Prime’s President & CEO\u00a0Richard Stockton in prepared remarks. The company can further extend the lease by 10 or 20 years, depending on the amount of capital expenditures invested during the term.<\/p>\n

Image courtesy of Hilton<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company has extended the lease at the 394-key property by 24 years, with a new expiration date in 2067. The agreement also provides for a further extension opportunity. <\/p>\n","protected":false},"author":960,"featured_media":1004181215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21751,21742,1608,15],"tags":[34265,36273,36272],"class_list":["post-1004181213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-hotel","category-latest","category-san-diego","category-west","tag-ashford-hospitality-prime","tag-ground-lease","tag-park-hotels-and-resorts"],"acf":[],"yoast_head":"\nAshford Prime Extends Ground Lease for San Diego Hilton - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashford-prime-extends-ground-lease-for-san-diego-hilton\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashford Prime Extends Ground Lease for San Diego Hilton\" \/>\n<meta property=\"og:description\" content=\"The company has extended the lease at the 394-key property by 24 years, with a new expiration date in 2067. The agreement also provides for a further extension opportunity.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ashford-prime-extends-ground-lease-for-san-diego-hilton\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-20T15:31:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:24:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Hilton-La-Jolla-Torrey-Pines-San-Diego.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ariela Moraru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ashford-prime-extends-ground-lease-for-san-diego-hilton\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ashford-prime-extends-ground-lease-for-san-diego-hilton\/\",\"name\":\"Ashford Prime Extends Ground Lease for San Diego Hilton - 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