Greystone buys La Jolla boutique hotel

US: Greystone Hotels has bought the Empress Hotel in La Jolla, California, and is planning a $2 million renovation.

Greystone bought the 73-room boutique property, located at 7766 Faye Ave, from Pacifica Hotel Company for an undisclosed sum.

A statement from Greystone said the purchase will complement its 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.

Pacifica Hotel Company said the sale will open up opportunities for the company to seek new coastal development deals. It operates 25 hotels in California, Florida and Hawaii.

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