May 03–The Eldorado Hotel & Spa, Santa Fe’s largest hotel, which was originally developed by the late Manhattan real estate scion Bill Zeckendorf Jr., is under contract to be sold to Heritage Hotels and Resorts, a New Mexico-based company that prides itself on owning properties that promote local culture and history.
Based in Albuquerque, Heritage Hotels and Resorts opened Hotel Albuquerque, originally called Sheraton Uptown, in 2005. It has since taken over The Lodge at Santa Fe, formerly the Radisson, as well as Hotel Chimay? and Hotel St. Francis, both near the Santa Fe Plaza.
James M. Long, the founder and CEO, also has assumed ownership of the Gardu?o’s restaurant chain and the Keva Juice franchises in the Duke City. Heritage President Adrian Perez is originally from Pe?asco. He graduated from The University of New Mexico and started with Long as a company intern, according to Maresa Thompson, corporate marketing and creative director for Heritage Hotels.
“Many, many of our employees are from New Mexico and have a long history of family roots in New Mexico and want to see New Mexico thrive,” Thompson said. She said the hotel chain is proud of New Mexico culture and strives to get tourists and visitors to embrace “the steep cultural history of New Mexico.”
Thompson said Long strives to celebrate the state traditions through his hotel designs.
One example, she said, is when the company purchased what was the Hotel Plaza Real on Washington Avenue and converted it into the Hotel Chimay?, which showcases a Northern New Mexico theme. And last month, Heritage opened its Taos property, formerly Casa de las Chimeneas. The hotel features eight individual guest rooms that tell the stories of famous Taos women, including Millicent Rogers, Mabel Dodge Luhan and Agnes Martin. Heritage also owns Hotel Encanto de La Cruces, formerly a Hilton, in Las Cruces.
The Eldorado is currently owned by a partnership led by the Guardian Life Insurance Co. At one time, Zeckendorf had 10 percent ownership, along with his former partners, the Horwitch family, but the equity was sold to Guardian several years ago, according to The New Mexican archives.
Zeckendorf Jr., who passed away in February 2014, and his wife, Nancy, were the driving force behind the Eldorado Hotel, which stands at 309 San Francisco St., the site of a former lumber yard. Zeckendorf relocated to Santa Fe and met his wife here when she sang for The Santa Fe Opera.
The Eldorado development came about when he visited Santa Fe during Indian Market one year and couldn’t get a hotel room, he told The New Mexican in 2011. “We figured Santa Fe needed a new hotel,” he said when the hotel was celebrating its 25th anniversary.
But the project was not without controversy. Many thought it was out of proportion with other downtown buildings. Construction went forward, and the $26 million project opened in April 1986.
The Eldorado has 219 rooms and 22,000 square feet of meeting and event space, as well as the city’s largest ballroom. There is also underground parking, a rooftop pool and several retail operations within the lobby and perimeter, including The Old House restaurant.
The Eldorado Hotel is managed by Benchmark Hospitality and the general manager said he could not comment on any sale as both parties were under a confidentiality agreement pending due diligence. Likewise, Heritage said it could not discuss the status of the transaction, though some employees have been told about it. Heritage now has 600 employees at its seven properties, Thompson said.
Randy Randall served at the general manager of the Eldorado Hotel from 1994 to 2005 and now heads the Santa Fe Convention and Visitors Bureau.
If the Heritage ownership comes to fruition, he sees that as a positive for Santa Fe as the company can market all its properties in Santa Fe, Albuquerque, Taos and Las Cruces. “Heritage already has a presence here and certainly having a significant hotel to add to their other three fine properties should be a benefit,” he said.
Contact Bruce Krasnow at brucek@sfnewmexican.com.
