Ranch & Coast Magazine

September 2023

Read Ranch & Coast Virtually Anywhere

Issue link: http://ranchandcoast.uberflip.com/i/1506625

Contents of this Issue


Page 97 of 115

COURTESY PHOTOGRAPHY Redux in the Ranch e historic Inn at Rancho Santa Fe has a new owner, a new managing partner, and a new partnership with a top hospitality group A FTER MORE THAN A YEAR OF mystery surrounding its future, e Inn at Rancho Santa Fe begins a new chapter in its storied history after hotelier and interior designer Steve Hermann sold the property for $100 million in July to GEM Realty Capital Inc., a Chicago-based real estate investment firm. e mega sale was the largest hospitality deal in our region, and the third largest in California. Hermann's Montecito-based company, which owns Palm Springs' five-star L'Horizon Resort & Spa, the adjacent Hermann Bungalows, and the Colony Palms Hotel, bought e Inn from JMI Realty in May 2022 for $42.7 million. How much he has since spent on renovations is unclear, although he took out a $50 million loan to buy and improve the property. Sonnenblick-Eichner Company, a Beverly Hills-based real estate investment banking firm, brokered e Inn's re-sale. Asked in a phone interview how the property could have doubled in price in just a year despite high interest rates and fears of recession, co-founder and principal Elliott Eichner replied: "It's a one-of-a- kind opportunity. e buyer thinks it will be one of the best resort destinations in California." In an earlier announcement, Eichner noted that the firm was able to able to generate interest in the property given "the quality of the renovation" and that it was "offered unencumbered by franchise and management in a market with extremely high barriers to entry." In short, e Inn is not part of a big hotel chain, and the buyer thought the price, in one of the wealthiest zip codes in the United States, was worth it. Hermann will remain as an advisor until the redo is complete. e Inn encompasses 85 rooms, suites, and bungalows along with a pool, spa, and 24,000 square feet of event space spread out over 21 acres. e reopening is set for November 1 with a "sneak peek" planned during the 9th Annual Taste of Rancho Santa Fe, hosted by the Rancho Santa Fe Rotary Club at e Inn on Sunday, October 8 from 4-7pm. While Hermann has shared few details about his plans for e Inn over the past year — largely alienating members of the community — there are now positive signs that the beloved local landmark is on its way back to its former glory. e Inn's new owners appointed veteran hotelier Vikram Sood as managing partner. Sood has extensive experience operating luxury properties around the world including Four Seasons hotels and resorts. He opened the Four Seasons Resort BY ANDREA NAVERSEN detour destinations The Inn at Rancho Santa Fe ranchandcoast.com 98 SEPTEMBER 2023 RANCH & COAST MAGAZINE

Articles in this issue

Links on this page

Archives of this issue

view archives of Ranch & Coast Magazine - September 2023