Renovation planned for Empress Hotel in La Jolla, Calif.

San Francisco-based Greystone Hotels is planning a $2-million renovation of the Empress Hotel in La Jolla, Calif., which it recently purchased from Pacifica Hotel Co. of Irvine, Calif., for an undisclosed price, the San Diego Business Journal reports.

Greystone said the purchase of the 73-room hotel will complement the firm's 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, Calif.

In its own statement, Pacifica Hotel Co. said the sale of the Empress Hotel will open up opportunities for the company to seek new coastal development deals. The company operates 25 hotels in California, Florida and Hawaii, including Best Western Blue Sea Lodge in Pacific Beach and Sommerset Suites Hotel in Hillcrest.

Virtual Event

Hotel Optimization Part 3 | Available On Demand

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event, now available on demand, for expert panels focused on getting you back to profitability.