Kirkwood Collection has expanded its California portfolio with the acquisition of three hotel properties in downtown Palm Springs.
The luxury boutique hotel group, in partnership with Somera Capital Management, acquired La Serena Villas, Del Marcos Hotel and The Three Fifty Hotel for $28.6 million.
The hotels’ “historical significance, residential inspired designs and guest experiences that reflect the culture of their surroundings,” made for a desirable investment opportunity, Alex Kirkwood, CEO and founder of Kirkwood Collection, said in a press release obtained by Hotel Dive.
Built in 1933, the 18-room La Serena Villas features a spa, the Azúcar restaurant and a salt-water pool. The property also includes the Sugar High Rooftop Lounge, one of only two rooftop bars in Palm Springs, with views of the San Jacinto Mountains.
The Del Marcos Hotel, offering 17 guest rooms, features a mid-century modern design by architect William F. Cody. The property was built in 1947 and designated as a historic site by the Palm Springs city council in 2012.
The 10-room Three Fifty Hotel, built in 1950, also features mid-century design elements mixed with a minimalist aesthetic. Renovated in 2017, the property offers a pool, spa and spacious guest rooms.
Kirkwood Collection is exploring upgrades to the properties, the company told Hotel Dive. In the meantime, it will integrate its signature offerings, including champagne at check-in and contactless and text concierge services.
With the acquisition, the hotel group expands its Palm Springs portfolio to five properties and brings its entire boutique hotels and residences portfolio to 10 properties across California.
“Palm Springs is an iconic vacation destination with an international presence. We certainly intend to continue expanding the portfolio across the Greater Palm Springs market as high season has lengthened considerably over the last 10 years,” Kirkwood told Hotel Dive. “We are also pursuing opportunities in Napa, Laguna Beach and La Jolla before expanding outside of California to similarly iconic vacation destinations nationwide.”
Kirkwood Collection isn’t the only one expanding in Palm Springs. Hyatt plans to open the Thompson Palm Springs, part of its Thompson Hotels portfolio, later this year in the city, which it calls a key leisure market.
