JMI Realty bought The Inn at Rancho Santa Fe for an undisclosed sum on Wednesday.
JMI Realty, Austin, Texas, is co-owned by John Moores, who owns a majority stake of the San Diego Padres baseball team. JMI partnered with investment firm Siguler Guff & Co., New York City, for the purchase of the 87-room property.
JMI selected Benchmark Hospitality International, The Woodlands, Texas, to manage the property and plans a US$12 million renovation of the hotel.
“I am delighted to welcome The Inn at Rancho Santa Fe into the Benchmark Hospitality family of luxury properties,” said Burt Cabañas. “This is our first San Diego-area hotel.”
The Inn at Rancho Santa Fe, located north of San Diego in Rancho Santa Fe, California, last switched ownership in the 1958 when it was purchased by the late Stephen Wheeler Royce. The hotel opened in 1923.
“We are very pleased that the Royce family, which has for 50 years been an important part of the legacy of The Inn at Rancho Santa Fe, felt comfortable with us as the next stewards of this beloved community asset,” said John Kratzer, JMI Realty chairman and CEO.