LaSalle Sees Big Revenue Boost From SD Hotels
If you want to know just how booming the hospitality market in San Diego is, just look at the numbers. One of the area's biggest players, LaSalle Hotel Properties, is reporting some hefty revenue increases in the first half of this year.
The luxury L'Auberge Del Mar and the Hilton San Diego Resort and Spa were among the handful of local hotels the real estate owner revealed “experienced significant increases” in revenues from room rates and food and beverages due to the “moderately improving economy” during the first half of the year, according to documents filed with the SEC. L'Auberge Del Mar, which LaSalle bought in 2012 for $76.9M, saw its revenues jump by $1.8M. And the Hilton saw a $1.4M increase during that period.
Other big hits for LaSalle during the past six months include:
- The San Diego Paradise Point Resort and Spa with a $1.5M increase.
- The Serrano Hotel in San Francisco with a $1M increase.
- The 235-room Hotel Solamar, with a $1M jump.
Overall, LaSalle reports that improved travel and a limited supply of new hotels has led to an average daily room rate growth of 4.4% and a revenue per room jump of 4.7% during the year. In raw numbers, LaSalle saw a boost of$62M to $589M in total revenue so far this year company-wide.
