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12/03/13
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A joint venture between PCCP LLC and 1754 Properties LLC has acquired 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. The price was not disclosed.
La Posada Hotel originally opened in 1940. Since 2008, the hotel has undergone more than $7.6 mil in renovations including the refurbishment of all guestrooms and most of the public spaces. The new ownership plans to implement $5 mil of property improvements to rebrand the full service resort hotel under Starwood Hotels & Resorts’ The Luxury Collection brand.
La Posada is comprised of 26 buildings spread across 5.13 acres and features a AAA Four‐Diamond restaurant, 7.8k sf of event space and amenities that include a 4.5k sf spa and salon, outdoor pool and whirlpool, rooftop terrace, business center, and fitness center. It is located at 330 E Palace Ave.
“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.”
The property benefits from a prime location in the heart of downtown Santa Fe, just a couple of blocks from the historic Plaza and one of the closest hotels to Canyon Road, the center of the city’s art trade that features over 250 renowned art galleries, boutiques, and restaurants. The property is also less than one-mile away from the newly constructed, $55 mil Santa Fe Community Convention Center which offers 40k sf of interior meeting space.
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