Preheat oven to 375 degrees F (190 degrees C). Wrap beets in foil.
Bake the beets until tender, about 1 hour; allow to cool, then peel the beets. Cut them into bite-size chunks.
Heat the olive oil in a soup pot over medium heat and cook the red onion, leek, and garlic until the onion is translucent, about 5 minutes. Pour in the vegetable broth, and mix in the beets, bay leaves, cinnamon, salt, black pepper, oregano, basil, cinnamon, cumin, and tarragon. Bring the soup to a boil, then reduce heat to a simmer, and cook until the flavors of the bay leaves and spices are blended, 20 to 25 minutes. Pick out bay leaves.
Ladle about 1/4 of the beets into a blender, and add soup liquid as needed to fill the blender about 1/4 full. Hold down the lid of the blender with a folded kitchen towel, and carefully start the blender, using a few quick pulses to get the beets and broth moving before leaving it on to puree. Puree the beets until smooth, and pour back into the soup.