Multiple sources report that the Mission Inn Hotel & Spa, Riverside's iconic downtown landmark, is being quietly marketed for sale, though hotel ownership denies any plans to sell.
The Raincross Gazette learned last week from multiple independent sources that the historic property is being offered privately, with an asking price around $85 million.
While the Gazette could not independently verify the listing through public records or brokers—consistent with how high-profile properties are often marketed confidentially—multiple sources with ties to the property, city leadership, and the commercial real estate community have all reported hearing the same information about both the sale and the price point.
Patrick O'Brien, General Counsel for the Mission Inn Corporation, told the Gazette the hotel is not for sale. O'Brien confirmed that ownership regularly receives interest and inquiries about the historic property: "The Mission Inn Hotel & Spa is a treasured historic property, and as such, ownership regularly receives interest and inquiries from a variety of parties. At this time, there are no active plans to sell the property. Ownership remains focused on the continued success and stewardship of the Mission Inn Hotel & Spa."
Jennifer Gamble, president of the Mission Inn Foundation, confirmed the Foundation had heard the hotel is listed for sale, telling the Gazette that Foundation leadership learned about it last week and did not receive advance notice from ownership.
Ralph Megna, who oversaw the Mission Inn's $55 million restoration in the late 1980s and early 1990s as deputy director of Riverside's Redevelopment Agency and negotiated the 1992 sale to Roberts, told the Gazette he has independently heard the same price point from sources he considers reliable.
The Raincross Gazette attempted to reach Kelly Roberts through our staff's existing relational contacts unsuccessfully; we did not attempt to contact local hotel management or Roberts' professional representation for comment.
This Saturday marks the switch-on ceremony for the Festival of Lights, the first holiday season since longtime owner Duane Roberts' death on November 1. Last year's event drew more than 75,000 people to downtown Riverside.
The Work Stays Steady
Despite uncertainty surrounding ownership, Mission Inn Foundation leaders expressed optimism about continuing their preservation work under potential new ownership.
"The entire board of the Mission Inn Foundation wants to have a working relationship with any and all owners of the inn," Gamble said. "The Mission Inn is the cornerstone of the city. We want to support any and all owners to the best of our ability."
Rich Vandenberg, the Foundation's vice president, emphasized continuity in the Foundation's mission. "The preservation work, the museum, the tours—that all stays steady no matter what's happening on the ownership side," he said. "We're looking at this as an opportunity to connect with new stakeholders and continue the work we've always done."
The Foundation, founded in 1976, operates independently of the hotel. After a lease dispute led to the Foundation's eviction in 2024, the organization relocated last Sunday across the street. The Foundation continues to offer downtown walking tours and operates educational programs focused on the hotel's history and architectural significance.
"The Mission Inn has seen many different eras, and through all of them, the Foundation has stayed focused on the history and the stories that make this place special," Vandenberg said. "That continues no matter who owns the hotel."
Quietly to Trusted Buyers
Andrew Peake, a senior vice president and managing partner with Lee & Associates' downtown Riverside office, explained that high-profile properties often avoid traditional public marketing.
"In the commercial real estate world the seller has no obligation to disclose or market a property to the public," Peake said. "Some sellers, especially with a property of this regional significance, opt to market the property quietly to logical and trusted buyers. The Mission Inn likely has great confidence that their real estate team will bring the right buyer through targeted outreach."
While sources described the arrangement as a "confidential listing," Peake noted the terminology isn't standard in commercial real estate. "Some people say pocket listing, but that has a different connotation," he said, referring to informal arrangements where a broker seeks buyers without a formal listing agreement.
This Was Duane's Lead
Roberts, who died November 1 at age 88, purchased the Mission Inn in December 1992 for $15.6 million after the city's Redevelopment Agency and Chemical Bank had completed the $55 million restoration of the then-shuttered hotel. Roberts transformed the property and launched the Festival of Lights, turning the Mission Inn into a landmark that helped revitalize downtown.
According to local legend, Roberts' connection to the Mission Inn began in childhood. He was so captivated when his parents brought him to see the hotel's holiday decorations that he decided to illuminate the Inn in full splendor when he became its owner.
"Duane Roberts made a tremendous impact on the Mission Inn and on Riverside," Gamble said. "His investment in the property came at a crucial moment, and he helped bring new life to the Inn and to downtown. The Festival of Lights has become one of Riverside's most beloved traditions because of his leadership."
The Riverside County Board of Supervisors declared November 4, 2025, as "Duane Roberts Day." Supervisor José Medina said Roberts' impact extended beyond business. "His story is not just about restoring a building, it's about restoring a city's pride," Medina said. "Duane believed deeply in the power of history, business and heart to build something lasting."
The Festival of Lights had its origins in an international friendship. In 1994, Roberts traveled to Riverside's sister city of Sendai, Japan, with then-newly inaugurated Mayor Ron Loveridge, Councilmember Chuck Beatty, and Roberts' wife Kelly. There, they witnessed the Sendai Pageant of Starlight, where hundreds of thousands of lights transform Jozenji-dori Avenue into a tunnel of light.
"It became the inspiration, I think, for the Festival of Lights," Loveridge recalled. "This was not a city lead. This was Duane Roberts' lead."
What began as Roberts' personal project to light the Mission Inn grew into a citywide celebration. "The first Festival of Lights was the Mission Inn and nothing else," Loveridge said. "Everything that's outside the Mission Inn happened after."
Councilmember Philip Falcone, who represents Ward 1 and is a Mission Inn Foundation docent, did not confirm the sale but said Roberts' approach to ownership was distinctive. "It's honorable that a local guy owned this local institution," Falcone said. "This was always more than just a money-making venture—it was a passion, a dedication, a history. Anyone who ever owns the hotel needs to know this is not a cash cow. It requires dedication, love and attention, both financially and energy-wise."
The Anchor of Downtown
The potential ownership change comes at a moment of heightened public interest in the property's future.
"One thing a lot of people don't realize is just how much history sits behind the public view," Vandenberg said. "The Mission Inn has over a century of stories, archives, artifacts, and architectural layers that most visitors never get to see."
Gamble noted the deep emotional connection Riverside residents have to the property. "Riverside cares deeply about this place," she said. "Anytime the Mission Inn is in the news, the whole community sits up and pays attention. That tells you a lot about what this building means to people—it's not just a business change; it feels personal."
Loveridge, who served as mayor for 18 years during Roberts' ownership, said the Mission Inn's role extends beyond hospitality. "The Mission Inn is the anchor of downtown," he said. "The Mission Inn differentiates us from other cities—it connects us with the past and the present, and hopefully to the future, making it the most important part of our identity downtown."
Falcone echoed that sentiment from his current perspective as Ward 1 councilmember. "As goes the Mission Inn, so goes downtown," he said. "The Mission Inn has been in Ward 1 since the creation of the ward structure in 1955. If they know Riverside, it's usually because of the Mission Inn. That's really the heart of downtown."
Commercial real estate professionals say the Mission Inn's significance extends beyond typical hotel valuations.
"The Mission Inn is truly unique," Peake said. "The property has immense historical significance as well as intangibles that will likely increase the value substantially compared to any other 238-room hotel."
The Mission Inn, designated a National Historic Landmark in 1977, takes up an entire city block in downtown Riverside and serves as an anchor for the surrounding business district. The property includes 238 guest rooms and suites and hosts thousands of events annually, from weddings to corporate meetings to civic gatherings.
The Festival of Lights, which Roberts launched in 1992, has become one of Southern California's premier holiday attractions. Roberts said in 2023 that the festival consistently draws up to 500,000 visitors over its six-week run.
The economic impact for the 2023 Festival of Lights was $154 million, up 20% from the last study in 2017, Mayor Patricia Lock Dawson announced in her 2024 State of the City address. The city invests approximately $1.5 million in municipal funds annually to support the festival, city spokesman Phil Pitchford told City News Service.
The festival's success has helped fuel downtown Riverside's broader economic renaissance, supporting restaurants, retail shops, and other businesses that benefit from the steady flow of hotel guests and event attendees year-round.
A Century of Changes
The property began as Glenwood Cottage in 1876. Frank Augustus Miller purchased it from his father in 1880 and transformed it into a grand hotel that attracted presidents, celebrities, and dignitaries throughout the early 20th century.
Falcone, who gives tours as a Mission Inn Foundation docent, said the building's architecture is a rare achievement. "You have three, arguably four, distinct architectural styles in one contiguous building that still flows and looks consistent," he said. "You go from Asian-inspired to California Mission to Spanish Baroque. Typically, those don't mesh well together, but it's all still very consistent. That speaks to Frank Miller's vision and to multiple architects over different phases creating this larger location that's cohesive."
After Miller's death in 1935, the hotel went through several ownership changes and periods of decline. By the 1970s, the property faced possible demolition. The Riverside Redevelopment Agency purchased the Mission Inn in 1976, eventually selling it to the Carley Capital Group in 1985 for restoration.
When Carley Capital Group went bankrupt in 1988, the property was transferred to Chemical Bank. Megna was hired by the Redevelopment Agency in 1989 to complete the restoration and negotiate a sale. The hotel was nearly complete when Roberts purchased it on Christmas Eve 1992.
Roberts and his wife Kelly, known as the hotel's "Keeper of the Inn," have owned the property for 32 years.
The Future Will Be Secure
Loveridge emphasized what a new owner would be acquiring. "The purchase of the Mission Inn is not just the purchasing of a hotel," he said. "It's the purchasing of an extraordinary place that represents why people come to downtown, why people come to Riverside."
Despite uncertainty about ownership, local leaders expressed confidence in the property's future. "I'm not worried about the future of the Mission Inn," Falcone said. "In times of change, there's speculation and concern, but the Inn's future will be secure."
"Every chapter in the Inn's life has been different, and each one has brought its own opportunities," Vandenberg said. "We're confident that anyone taking it on will understand the responsibility that comes with it."
Gamble emphasized the Foundation's enduring commitment regardless of ownership. "The Mission Inn Foundation has been here for more than 50 years, and our commitment to preserving the Inn's history remains the same," she said. "Our programs, our tours, our archives—they're all strong and supported by the community."
Correction: An earlier version of this story misstated Mission Inn Foundation President Jennifer Gamble confirmed the hotel is listed for sale; she confirmed the Foundation had heard rumors of a listing. The story also did not include a statement from the Mission Inn Corporation—though General Counsel later provided one—and misstated the Gazette's outreach to Kelly Roberts, which did not include her professional representation.
