Old Town’s Fiesta de Reyes, the bustling courtyard of cantinas, shops, and the historic Cosmopolitan Hotel, is not going anywhere anytime soon. Old Town Family Hospitality Corp. has locked in a 30-year extension of its concession deal with California State Parks and sold a majority stake to national park operator ExplorUS, with about $10 million slated for capital improvements over the life of the contract and an immediate $3 million earmarked to redevelop Parcel 20, the former El Fandango site. The Ross family will stay in the mix and keep equity, while ExplorUS brings its national-scale operations playbook to the property.
As reported by the San Diego Business Journal, the agreement, finalized late last year, incorporates a 30-year extension with the state and transfers a majority interest to ExplorUS. The outlet notes that the long-term $10 million figure is earmarked for capital improvements, while $3 million is committed specifically for Parcel 20, an approximately 8,000-square-foot corner that once housed El Fandango.
ExplorUS, a Kansas-based concessions operator that already runs food, lodging and retail in parks across the country, is billing this as its first meaningful move into the San Diego market. The company says the partnership will give it room to invest in visitor services and facility maintenance. ExplorUS has been chasing park contracts nationwide and emphasizes large-scale investment in infrastructure and staffing, according to a company release from ExplorUS…