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| La Posada de Santa Fe Resort and Spa, Downtown Santa Fe, NM |
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| John Randall |
New York, NY - PCCP, LLC announced it has formed a joint
venture with 1754 Properties LLC to acquire La Posada de Santa Fe Resort and
Spa in downtown Santa Fe, New Mexico. The 158-room La Posada hotel was an
REO acquisition from Ektornet.
“This acquisition was a strong fit for PCCP’s joint venture
equity program because it provided us with the opportunity to buy an
irreplaceable asset located in a high barrier to entry market,” said John
Randall, senior vice president with PCCP, LLC.
“1754 Properties is a knowledgeable hotel owner and operator
that understands the Santa Fe market. We will work in conjunction with the firm
to renovate and rebrand the asset as La Posada de Santa Fe Resort & Spa, a
Luxury Collection Resort.”
Kevin Chin, vice president with PCCP, added that 1754
Properties has an intimate knowledge of La Posada, having owned the property
through a prior partnership for almost three years before selling it to the
prior owner in 2007.
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| Joe Smith |
“PCCP’s decisive actions, ability to move quickly, and
favorable institutional reputation were key components in this acquisition.
"We
look forward to consummating many more deals with them in the future as our
firm seeks other institutional hotel assets across the country,” said Joe
Smith, CEO of 1754 Properties LLC.
The new ownership plans to implement $5 million of property
improvements to rebrand the full service resort hotel under Starwood Hotels
& Resorts’ The Luxury Collection brand.
La Posada Hotel originally opened in 1940. Since 2008, the
hotel has undergone more than $7.6 million in renovations including the
refurbishment of all guestrooms and most of the public spaces.
La Posada is
comprised of 26 buildings spread across 5.13 acres and features a AAA
Four‐Diamond restaurant, 7,800 square feet of event space and amenities that
include a 4,500-square-foot spa and salon, outdoor pool and whirlpool, rooftop
terrace, business center, and fitness center.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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