PCCP, LLC and 1754 Properties LLC Form Joint Venture to Acquire the Historic La Posada Hotel in Santa Fe, NM

  

 La Posada de Santa Fe Resort and Spa, Downtown Santa Fe, NM

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.

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

www.1754properties.com

www.pccpllc.com