Pacifica Companies completes La Valencia deal
On Monday, Pacifica Companies announced it had completed the acquisition of the La Valencia Hotel through its hotel ownership division, Prospect Hospitality LP.
Pacific has managed the hotel since September 2010, when it acquired the option to opurchse the landmark hotel. The company has announced plans for a $10 million dollar renovation of the property, which will include updating guest rooms, food and beverage outlets, meeting space and spa. Work is expected to stat later this year, following exterior and structural work started in 2010.