Peregrine Hospitality Acquires Two CA Hotels
Peregrine Hospitality has acquired two Northern California properties, The Lodge at Tiburon and the Toll House Hotel. The deal expands the owner-operator's portfolio to 57 hotels and resorts nationwide, focusing on drive-to-leisure markets.
The Lodge at Tiburon, a 104-room hotel, and the 115-room Toll House Hotel in Los Gatos are the latest additions for the newly-branded Peregrine Hospitality. This acquisition boosts their nationwide portfolio to 57 hotels and resorts. The deal aligns with the company's focus on investing in "premium drive-to-leisure markets." Peregrine Hospitality launched in 2024, emerging from a rebrand of KSL Resorts and the integration of Mission Hill Hospitality. The company is led by CEO Greg Kennealey, a former principal at KSL Capital Partners and CEO of Mission Hill Hospitality. Peregrine operates as an owner-operator, managing a diverse portfolio that includes resorts, boutique hotels, and select-service properties. The Lodge at Tiburon, located in Marin County, offers guests views of the San Francisco Bay and provides amenities such as a fitness center, an outdoor pool with cabanas, and the SkyDeck lounge. Its proximity to the San Francisco ferry makes it a strategic location for tourists. The Toll House Hotel, situated in the historic town of Los Gatos, was renovated in 2021 with a Craftsman-inspired design and features over 6,000 square feet of event space. In a recent interview, Peregrine's CEO Greg Kennealey emphasized the company's preference for hotels in strong "drive-to-leisure" locations, which are within a two-to-three-hour drive of major population centers. He highlighted the resilience of this market segment. This strategy targets the significant portion of upper-upscale and luxury travel driven by affluent consumers with discretionary income. The acquisition comes as the Northern California hotel market shows signs of modest growth, with a projected rise in demand for regional and drive-to leisure destinations. Both Tiburon and Los Gatos are considered high-demand markets that attract a mix of leisure and corporate travelers throughout the year. Prior to this acquisition, both The Lodge at Tiburon and the Toll House Hotel were managed by TPG Hotels & Resorts, the hospitality affiliate of Procaccianti Companies, since 2019.
