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By Lori
Weisberg, The
San Diego
Union-Tribune February 1, 2013 Casa del Zorro, closed since 2010, is expected to reopen in May. — Courtesy of Real Living Lifestyles La Casa del Zorro, a luxury Borrego Springs resort that's been shuttered for the last three years, has sold for $2.4 million. The new ownership, led by three San Diegans, closed escrow Thursday on the 42-acre resort and hopes to reopen it by May 1. Casa del Zorro, which includes 44 hotel rooms and 19 stand-alone casitas, last changed hands in 2007 when then owner Greg Pearlman purchased it for $2.5 million and subsequently invested an additional $7 million in renovations. Just 14 months later, the resort, which he had renamed renamed Borrego Springs Ranch, closed. "Anyone who’s been around San Diego for a while has been there, and this has always been a colorful and historic resort," said former San Diego City Manager Jack McGrory, one of the new Casa del Zorro owners. "Borrego has gone through some very tough years but it’s coming back. They were trying to sell this during a very bad real estate market, and I think the market is coming back." In the past, business at the resort likely suffered because of its high room rates, said McGrory, CEO of La Jolla Management LLC, a real estate and investment company. "That should change with the new owners, who plan to bring the rates down below $200 a night, he added. For the rest of the story please visit:http://www.utsandiego.com/news/2013/jan/31/casadelzorro-resort-sells/ |
Contact: Lori Weisberg, Staff Writer San Diego Union-Tribune 350 Camino de la Reina San Diego, CA 92102 619-293-2251 [email protected] |