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Article: Pink lady: San Diego firm buying La Jolla's La Valencia.(American Property Management Corp.)
- Article from:
- San Diego Business Journal
- Article date:
- February 25, 2008
- Author:
CopyrightCOPYRIGHT 2008 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Imagine going from parking lot attendant at a New Mexico hotel to being chosen among a league of contenders to buy one of the most iconic hotels in California and, suddenly, the lending market goes into a tailspin.
How's that for drama?
Michael Gallegos, president and chief executive officer of San Diego-based American Property Management Corp., which owns and operates 45 hotels in the United States and Mexico, had privately pursued the historic La Valencia Hotel before the owners officially put it on the block in August.
While en route to Mexico on Feb. 19, Gallegos, who'd thrown his hat in the ring to compete against such big-name brands as ...