Peregrine Hospitality Buys Two Hotels
Peregrine Hospitality has expanded its Northern California portfolio by acquiring The Lodge at Tiburon and the Toll House Hotel. The company, which operates 57 hotels nationwide, is targeting premium drive-to-leisure markets with the purchase.
The Lodge at Tiburon, a 104-room hotel situated on three acres in Marin County, offers guests views of the San Francisco Bay. The property includes 10,000 square feet of flexible meeting space, a fitness center, an outdoor heated pool with cabanas, and an open-air lounge. Its proximity to the San Francisco Bay ferry provides a 10-minute ride to Angel Island State Park and is less than an hour's drive from the Napa and Sonoma wine regions. The second property, the Toll House Hotel, is a 115-key boutique hotel located in historic Los Gatos. Renovated in 2021 with a Craftsman-inspired design, it features 6,300 square feet of indoor and outdoor event space. The town of Los Gatos serves as a gateway to Silicon Valley and is home to the headquarters of companies like Netflix. This acquisition aligns with the strategy of Peregrine Hospitality's CEO, Greg Kennealey, to invest in high-demand markets that attract both leisure and corporate travelers throughout the year. The company has been expanding its portfolio, which includes a mix of resorts and select-service hotels under various brands. The previous owner of both The Lodge at Tiburon and the Toll House Hotel was Procaccianti Companies, a Rhode Island-based real estate investment and hospitality firm, which acquired the hotels in 2019.
