Pacifica Companies, a San Diego-based real estate developer, owner, investor and investment management company, announced on Sept. 26 it had completed its acquisition of La Valencia Hotel. The company, which has managed the “The Pink Lady” since September last year, also announced plans for extensive renovations to the property. The $10 million worth of planned renovations will include continuing to fund current structural and exterior repairs to the building that began in 2010. New projects slated for the hotel include plans to revitalize its guest rooms, food and beverage outlets, meeting spaces and spa later this year. “We are delighted to become the stewards of La Valencia Hotel, a true landmark in Southern California,” said Ash Israni, chairman of Pacifica Companies. “As a local company, we know what an important place ‘La V’ has in the community. We’re committed to the future of La Valencia and to ensuring it remains the premier destination in La Jolla.” La Valencia was owned by the Collins family for 65 years before Pacifica began the process of purchasing the property last year. At the time of the initial sale, the Collins family released statements indicating their desire to sell was due in part to a polo accident suffered by Harry Collins several years ago. Built in 1926, La Valencia sits atop La Jolla Cove in the heart of downtown and has been dubbed a “Hollywood hideaway” for some of the nation’s most elite celebrities. Pacifica owns more than 30 properties in five states, most of which are brand names such as Holiday Inn, Wyndham, Crowne Plaza and Hilton.