JMI Realty in Partnership with Siguler Guff & Co. Acquire the Inn at Rancho Santa Fe; Property Last Changed Hands in the Late 1950's; Further Investment of $12 million for a First Phase Renovation Planned / Lori Weisberg / April 2012

The 21-acre Rancho Santa Fe resort has been purchased by the real estate arm
of Padres owner John Moores. — Inn at Rancho Santa Fe .

A real estate company led by San Diego Padres owner John Moores is set to close escrow Wednesday on the historic Inn at Rancho Santa Fe.

John Kratzer, chairman and co-owner of JMI Realty, confirmed the purchase of the Rancho Santa Fe property, which last changed hands in the late 1950s. JMI is partnering on the deal with New York-based investment firm Siguler Guff & Co. Kratzer would not reveal the purchase price.

When the 21-acre property was put in the market last fall, broker Bob Kaplan, of CB Richard Ellis Hotels, which is handling the sale, said he was hoping to fetch a price in the mid- to low-$30 million range.

Located in the heart of the affluent Rancho Santa Fe community, the hacienda-style resort has 87 deluxe rooms and suites.

The new owners, Kratzer said, intend to initially invest $12 million in a first-phase renovation that will include redesigned guest rooms and a relocation of the hotel spa.

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