of investor interest levels between urban core assets that are still having a difficult time with respect to valuations , as opposed to resorts and other drive-to locations , which are in vogue right now .
Thus , investors in urban markets are looking for simpler operating models , including less complex staffing challenges . An example would be RLJ Lodging Trust ’ s recent acquisition of the 205-room AC Hotel by Marriott Boston for about US $ 434,000 per key . Also , on the
West Coast in June , KHP Capital Partners acquired Le Meridien San Francisco from Park Hotels & Resorts for approximately US $ 220 million .
However , REITs have always been prominent investors in urban fullservice or big box hotels in major markets . The interesting trend we are seeing is in REITs seeking out destination resort properties , a space they have historically not been keen on . An example would be the acquisition of a genuine resort trophy property like Four Seasons Napa by Sunstone Hotel Investors .
We believe that REITs will continue along these lines , with a fundamental rebalance of their portfolios to this property class that has done well recently and may , in a new normal contrarian way , be thought of as recession resistant .
Guy Langford , Deloitte : There is plenty of appetite for deals by REITs and private equity firms for assets , as well as family office funds due to
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