Lowe Enterprises Acquires Premier Santa Fe Boutique Hotel - Inn And Spa At Loretto
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Lowe Enterprises Acquires Premier Santa Fe Boutique Hotel - Inn And Spa At Loretto
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2007-10-16
Lowe affiliate Destination Hotels & Resorts to manage
Lowe Enterprises Investors (LEI), the investment management
affiliate of national real estate company Lowe Enterprises, has acquired the Inn and Spa
at Loretto, a 134-room luxury boutique hotel in the heart of downtown Santa Fe, for
$47.5 million. The firm plans to invest an additional $6.2 million in interior and exterior
renovations. LEI acquired the hotel from Noble House Hotels & Resorts, Inc., on behalf
of an investment client. Another Lowe affiliated company, Destination Hotels & Resorts,
will assume management of the property. The property also includes existing
entitlements for additional guest rooms and ballroom/meeting space.
“The Inn and Spa at Loretto is an ideal fit with our investment profile that seeks
signature, boutique properties where we can apply our firm’s extensive hotel experience
to improve performance and position in the market,” said Bleecker Seaman, managing
director, Lowe Enterprises Investors.
Adjacent to the historic Loretto Chapel, known for its miraculous spiral staircase,
the Inn and Spa at Loretto, epitomizes classic Santa Fe architecture and style. The
property design was inspired by the famed Taos Pueblo, a national historic landmark.
Earth-toned stucco covers multiple blocks of flat roofed units stacked at various angles
reflective of the native Pueblo Indian style which creates guest rooms that offer intimate
outdoor terraces with views of the city and historic surroundings. Located one block southeast of the main square, the hotel is steps from the area’s many artist enclaves,
museums and attractions.
Built in 1975, the 134 guest rooms were renovated earlier this year. Lowe plans
a program of additional improvements to be implemented in the first part of 2008.
Additional accent pieces from local craftsmen and native American art will be used in the
guest rooms to enhance the character and warmth of the richly-hued interiors while the
public spaces and meeting rooms will be refreshed with new paint, lighting fixtures and
furnishings.
In keeping with the spirit and character of the region the hotel’s luxurious
SpaTerre is a southwestern retreat. The range of spa offerings includes massage and
treatments that incorporate indigenous herbs and minerals as well as cross-cultural
experiences with exotic Indonesian and Thai rituals. Other hotel amenities include an
inviting lobby lounge and exceptional indoor and outdoor dining at Baleen restaurant.
With approximately 10,000 square feet of meeting space, the Inn and Spa at
Loretto is an attractive option for business retreats and social events. In the warmer
months, the hotel’s outdoor plazas and grounds, colorfully landscaped with native
plantings, extend the event options.
“The Inn and Spa at Loretto is well-located in Santa Fe’s downtown district. It is
a top-tier property in one of the nation’s most popular high-end tourist destinations,”
noted Charlie Peck, president and chief operating officer, Destination Hotels & Resorts.
“Destination Hotels & Resorts has extensive experience in managing distinctive hotel
properties such as the Inn. Our strong network and reputation for superior quality and
service will allow us to increase leisure and business visitors to this exquisite property.”
Lowe’s acquisition team was led by John Rosen, vice president of Lowe
Hospitality Group. The seller was represented by Snyder Nationwide Real Estate.
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