San Francisco-based Greystone Hotels plans a $2 million renovation of the Empress Hotel in La Jolla, which it recently purchased from Pacifica Hotel Co. of Irvine for an undisclosed price.
A statement from Greystone said the purchase of the 73-room boutique property, located at 7766 Faye Ave., will complement the firm’s existing portfolio of six boutique hotels in San Diego, Los Angeles, Palo Alto and San Francisco.
The Empress Hotel building was completed in 1975, and the hotel includes the Italian restaurant Manhattan of La Jolla.
Greystone owns and manages 10 hotels, including The Bristol in downtown San Diego and Best Western Seven Seas in Mission Valley.
In its own statement, Pacifica Hotel Co. said the sale of the Empress Hotel will open up opportunities for the company to seek new coastal development deals. The company operates 25 hotels in California, Florida and Hawaii, including Best Western Blue Sea Lodge in Pacific Beach and Sommerset Suites Hotel in Hillcrest.
— SDBJ Staff Report