Pacifica Companies, the San Diego-based real estate developer, owner, investor and investment management company, announced today that it completed its acquisition of the landmark La Valencia Hotel in La Jolla, Calif., through its hotel ownership division, Prospect Hospitality LP. Pacifica has managed the hotel since September 2010, when it assumed operation as well as the option to purchase the property.
The acquisition ensures continued local ownership of La Valencia, a treasured icon fondly known as “The Pink Lady,” and begins a new chapter in the hotel’s storied history. Pacifica announced plans for a $10 million dollar renovation of the property. The extensive enhancement project to revitalize the hotel’s guest rooms, food and beverage outlets, meeting space and spa will commence later this year. It continues the significant structural and exterior repairs that Pacifica initiated in 2010.
“We are delighted to become the stewards of La Valencia Hotel, a true landmark in Southern California,” said Ash Israni, Chairman of Pacifica Companies. “As a local company, we know what an important place ‘La V’ has in the community. We’re committed to the future of La Valencia and to ensuring it remains the premier destination in La Jolla.”
Ideally situated atop La Jolla Cove, La Valencia features 112 guest rooms, suites and villas offering panoramic views of the Pacific Ocean. The hotel is located in the heart of downtown La Jolla, within walking distance of elegant art galleries, boutiques and an array of restaurants and cafés. Built in 1926, La Valencia has been an integral part of the history of La Jolla and has served as a “hideaway” for many generations of Hollywood’s elite. The hotel is a member of Preferred Hotels and Resorts Worldwide and National Trust Historic Hotels of America.
About Pacifica Companies
Founded in 1978, Pacifica Companies is a privately held, vertically integrated real estate developer, owner, investor and investment manager. The company has grown exponentially over three decades due to an unwavering commitment to opportunistic investing, maintaining high levels of liquidity, and having a knack for finding the right real estate at the right price. Pacifica owns and operates 40 hotels. Pacifica employs approximately 3,000 people and controls about 400 entities.
Pacifica's vast real estate portfolio includes hotels, mixed use projects, development projects, master planned communities, office, industrial buildings, retail shopping centers, senior housing assets, single tenant leases, multifamily for rent and sale projects and single-family communities throughout the United States, Mexico and India. For more information about Pacifica Companies, please visit www.pacificacompanies.com.