John Moores’ Firm Buys Inn at Rancho Santa FeTuesday, April 17, 2012
JMI Realty, a real estate investment firm led by San Diego Padres owner John Moores, announced April 12 that it has purchased The Inn at Rancho Santa Fe.
JMI Chief Investment Officer Greg Clay said in an email that the company agreed to confidentiality on the purchase price, but the seller’s broker has estimated the sale would fetch a price in the low- to mid-$30 million range.
Brokerage firm CB Richard Ellis Hotels, which was hired by prior owner Huntington Hotel Co., acknowledged in January that a sale had taken place but did not disclose the buyer’s name. JMI’s announcement coincided with the close of escrow.
The 87-room, 21-acre property is located at 5951 Linea Del Cielo in Rancho Santa Fe and was originally built in 1924. Through the years, the Spanish-style hotel has hosted presidents, royalty and Hollywood’s elite, according to a JMI statement.
The hotel has a restaurant, heated outdoor saltwater swimming pool, fitness center, business center and 18,000 square feet of meeting space.
“We will be investing significant capital in the property, kicking off an extensive restoration of the rooms at the end of the summer and a revitalizing of the spa,” JMI Chairman and CEO John Kratzer said in the statement.
“Our goal is to continue catering to the upscale traveler with expanded group meetings business at the Inn and a continued focus on upscale weddings and social events,” Kratzer said.
Owned by Moores and Kratzer, JMI Realty has headquarters in Austin, Texas, and a satellite office in San Diego. It has developed several local hotel and office properties and was master developer of the Ballpark District in downtown San Diego.