Peregrine Hospitality Buys Two NorCal Hotels

The acquisition is a significant move for the recently rebranded Peregrine Hospitality, which emerged in early 2025 from the former KSL Resorts. The name change reflects a broader strategy to expand beyond resorts into a more diverse hospitality platform. This expansion includes a significant push into the select-service hotel market. Peregrine Hospitality's CEO, Greg Kennealey, has emphasized that the company operates with "precision, accuracy, and agility," much like the peregrine falcon the company is named after. The company's growth strategy involves not just individual hotel acquisitions but also potentially larger portfolio transactions. Peregrine's portfolio now includes 92 properties across the United States and internationally. The Lodge at Tiburon, a 104-room hotel, offers views of the San Francisco Bay and is located within walking distance of the ferry to Angel Island State Park. The property includes 10,000 square feet of meeting space and an open-air SkyDeck lounge. The hotel underwent a $5 million renovation that was concluding in late 2020, which included extensive work on all guest rooms and meeting spaces. The 115-key Toll House Hotel is situated in the historic town of Los Gatos at the base of the Santa Cruz Mountains. The hotel, which was renovated in 2021 with a Craftsman-inspired design, is positioned as a gateway to Silicon Valley. The property was originally built in 1983 and previously underwent a renovation in 2012. Both hotels were previously managed by TPG Hotels & Resorts, an affiliate of Procaccianti Companies, which acquired them from MetWest Terra Hospitality. The acquisition by Peregrine aligns with a trend of increased hotel sales activity in Northern California, where dollar volume for transactions rose over 100 percent from 2024 to 2025.