Travelers Sells Hotel Del Coronado to Lowe Enterprises for $330 Million
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CORONADO — The 109-year-old Hotel Del Coronado, a favorite of Hollywood stars and U.S. presidents, has been sold for about $330 million, company officials said Thursday.
Los Angeles-based Lowe Enterprises Investment Management Inc. said it was taking over the property on behalf of several pension fund clients. Their names were not disclosed. The company’s Destination Hotels & Resorts subsidiary will manage the property.
Gordon Andrew, a spokesman for the seller, Travelers Group Inc. of New York, confirmed the amount of the sale.
Bob Lowe, chairman and chief executive of Lowe Enterprises, said the world-famous hotel will undergo $50 million worth of capital improvements over the next five years.
A previous expansion plan by Travelers to add a convention center fueled opposition from preservationists, who claimed the proposed changes would destroy the character of the hotel, which is a National Historic Landmark.
“We want to maintain and enhance its history, not to change it,” said Lowe, adding that any changes will include input from staff and community.
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