On 5 February 1993, RMS Foundation, Inc signed a five-year lease with the city of Long Beach to act as the operators of the property. The foundation was run by President and C.E.O. Joseph F. Prevratil, who had managed the attraction for Wrather. On 26 February 1993 the tourist attraction reopened completely, while the hotel reopened partially on 5 March with 125 rooms and the banquet facilities, with the remainder of the rooms coming online on 30 April. In 1995, RMS Foundation's lease was extended to twenty years, while the scope of the lease was reduced to operation of the ship. A new company, Queen's Seaport Development, Inc. (QSDI), was established in 1995 to control the real estate adjacent to the vessel. In 1998, the city of Long Beach extended the QSDI lease to 66 years.