LA JOLLA — Preserving the historic charm of a nearly century-old architectural icon while staying afloat in a suffering hotel industry will be no challenge for Pacifica Host Hotels, said local hotelier Robert Rauch, head of R.A. Rauch and Associates, Inc. The San-Diego based developer announced Monday it has firmed up the option of purchasing La Jolla’s “Pink Lady,” known to visitors as La Valencia Hotel, and the company has already assumed management of the property. The spokespeople for La Valencia, which has been owned by the Collins family for 65 years, and Pacifica Host Hotels declined to comment about the deal, but Rauch estimates the hotel’s price tag is about $40 million — a significant drop from the hotel’s 2008 estimated values, which ranged between $80 and $100 million. Rates have dropped in the luxury hotel industry since 2008, hitting rock bottom the second quarter of 2010. But the market is stabilizing, said Rauch, and if Pacifica Host has its eye on long-term ownership (as opposed to “flipping” the property) it has its hand on a “trophy asset.” “It’s a win-win situation for both parties,” said Rauch. “The Collins family got their fair price and Pacifica got a highly unique and desirable property.” According to statements from the Collins family, a change in stewardship is due in part to a polo accident Harry Collins had a few years back, which hasn’t allowed the family to be “intimately involved in all the details.” Built in 1926, La Valencia sits near La Jolla Cove in the heart of the Village and has been dubbed a “Hollywood hideaway” for some of the nation’s most elite celebrities. Pacifica Host Hotels owns more than 30 properties in five states, most of which are brand names such as Holiday Inn, Wyndham, Crowne Plaza and Hilton. Rauch said he knows of at least two companies besides Pacifica that were vying for the management contract, but one company felt the price was “too rich” and the other was having difficulty getting financing. As for the economic downturn, Rauch said La Valencia is a “jewel of a property” and it should see financial success by 2013. His only suggestion? Keep the current management team in place and don’t change the hotel’s day-to-day operations.