SANTA MONICA, California—Common Thread Hotels and its affiliate, PRG Investment & Management, announced the acquisition of Hotel Joaquin, a luxury boutique hotel in Laguna Beach, California. This acquisition marks Common Thread’s 10th hotel in its portfolio, in addition to an 11th in pre-development in downtown Paso Robles.
Hotel Joaquin completed an extensive redesign led by interior designer Robert McKinley in 2019. The hotel, which has 22 guestrooms along with a bar and saltwater pool, is a two-minute walk from the area’s Shaw’s Cove.
Statements From Leadership
“We have truly admired Hotel Joaquin for several years and believe the prior owners did an exceptional job with their redesign of the property,” said Britten Shuford, co-founder and managing partner at Common Thread Hotels. “Hotel Joaquin is a perfect complement to our existing portfolio, including Casa Laguna Hotel & Spa in Laguna Beach, which we reopened after an extensive renovation and repositioning in 2015. With Hotel Joaquin, we are fortunate that the property requires no renovation, allowing us to begin focusing on operations immediately and build on the strong foundation already in place.”
“With our 11th acquisition, we continue to execute our proven strategy of investing in high-quality, design-driven boutique hotels in irreplaceable locations across California,” said David Dittmer, co-founder and managing partner at Common Thread Hotels. “We are strong believers in the Laguna Beach lodging market, which we view as one of the premier leisure destinations in the United States.”
“We are proud of what we built with Hotel Joaquin and are pleased to see it transition to Common Thread Hotels to lead its next chapter. Looking ahead, Auric Road remains focused on historic resorts, ranches, and wellness experiences across the United States,” said Paul Makarechian, chief executive officer, Auric Road.
