|
By Lori
Weisberg, The
San Diego
Union-Tribune April 12, 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. For the rest of the story please visit:http://www.utsandiego.com/news/2012/apr/11/john-moores-firm-buys-rancho-santa-fe-hotel/ This article is copyright protected by Hotel-Online. Reuse by other media or news outlets or organizations is prohibited. Personal use and sharing via social media tools is permitted. |
Contact: Lori Weisberg, Staff Writer San Diego Union-Tribune 350 Camino de la Reina San Diego, CA 92102 619-293-2251 [email protected] |