The renovation will relocate the second floor lobby to the first floor. Demolition of the existing grand stair case and escalator will make room for more meeting rooms. A new hotel lunch and dinner restaurant will also be added to the first floor.
Previous co-owners Pan-American Life Insurance Group and the Intercontinental Hotels Group sold the building to San Diego real estate investment firm Southwest Value Partners in January 2013. The acquisition price is rumored to be substantially in excess of the $30 million stated in conveyance records.
Southwest Value Partners continued to operate the 479-room full-service hotel under the InterContinental Hotels & Resorts brand after the acquisition. The hotel also features large guest rooms, three restaurants, 32,487 square-feet of meeting and function space, a rooftop pool, fitness center and business center.