Sagebrush Inn and Comfort Suites in Taos, N.M., sold to Calif. investors

In a local deal, two California investors have bought the Sagebrush Inn and Comfort Suites from longtime owners Ken and Louise Blair, according to The Taos News. The deal closed on December 20, but terms were not disclosed.

The buyers say they’re planning a "multimillion-dollar renovation" to update guestrooms, the dining area and the grounds of the property.

“The idea is to bring the hotel into the 21st century without losing its early 20th century appeal and charm,” said James Haimsohn, who bought the hotels with his business partner Jared Steinberg.

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The pair is based in southern California and bought the hotel through Sagebrush Management, LLC.

Once the renovations are complete, Haimsohn said guests can expect rate increases.

Dallas-based Prism Hotels will manage the property.

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.