Its prominent pink color and towering terraces make La Jolla’s “Pink Lady” — otherwise known to visitors as the La Valencia Hotel — both an architectural icon and historical landmark. Considering the hotel’s recent change of control, word around town is that those truths will remain unchanged. Pacifica Host Hotels, a San Diego-based company, announced Monday it has firmed up the option of purchasing La Valencia, and the developer has already assumed management of the property. Spokespeople for both Pacifica and La Valencia, which has been owned by the Collins family for 65 years, decline to comment about the deal. But local hotelier Robert Rauch estimates the hotel’s price tag is about $40 million — a significant drop from the hotel’s 2008 estimated values, which range between $80 and $100 million. Built in 1926, La Valencia sits atop La Jolla Cove in the heart of downtown and has been dubbed a “Hollywood hideaway” for some of the nation’s most elite celebrities. Pacifica Host Hotels owns more than 30 properties in five states, most of which are brand names such as Holiday Inn, Wyndham, Crowne Plaza and Hilton. Preserving the historic charm of the building while staying afloat in a suffering hotel industry will be no challenge for Pacifica, said Rauch, who is head of R.A. Rauch and Associates, Inc. Rates have dropped in the luxury hotel industry since 2008, hitting rock bottom the second quarter of 2010. But the market is stabilizing, he said, and if Pacifica is looking for long-term ownership (as opposed to “flipping” the property) the company has its hands on a “trophy asset.” “It’s a win-win situation for both parties,” Rauch said. “The Collins family got their fair market price and Pacifica got a highly unique and desirable property.” According to statements from the Collins family, the change in stewardship is due in part to a polo accident Harry Collins had a few years back, which hasn’t allowed the family to be “intimately involved in all the details.” Rauch said he knows of at least two companies besides Pacifica that were vying for the management contract, but one company felt the price was “too rich” and the other was having difficulty getting financing. As for the economic downturn, Rauch said La Valencia is a “jewel of a property” and it should see financial success by 2013, especially since Pacifica has been building a good reputation and experience for two decades. His only suggestion? Keep the current management team in place and don’t change the hotel’s day-to-day operations.