A change of ownership for the Hotel del Coronado.
The iconic hotel by the sea with its red turrets is one of the most recognizable hotels in the world.
Since 2006, Strategic Hotels & Resorts, Inc. has been part of a joint venture with Blackstone. Now, the company has signed an agreement to spend $210 million to own the property outright.
In a company statement, Strategic CEO Raymond "Rip" Gellein said the hotel was "expected to outperform in the coming years."
The 28-acre property was built in 1888 and designated a National Historic Landmark in 1977.
It now offers close to 700 rooms and 11 restaurants and continues to draw celebrities and other high-profile guests to the Coronado shoreline.