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Pacific Hospitality Sells Bacara Resort & Spa

Irvine-based Pacific Hospitality Group divested the Bacara Resort & Spa in Santa Barbara to two divisions of New York-based Carey Watermark Investors for an undisclosed amount. The new REIT owners plan to rebrand the 360-room property The Ritz-Carlton Bacara, Santa Barbara.

The 78-acre resort in Goleta had been a part of Pacific Hospitality’s luxury properties under the Meritage Collection banner. Pacific Hospitality, which had held the property with investment partners Irvine-based Eagle Four Partners and Bill Foley, reportedly paid $185 million for the property in 2013 and subsequently invested $27 million in improvements.

Built in 2000, the full-service hotel serves as collateral for a $68.5 million loan. The property has 24 buildings with 49 suites and overlooks the Pacific Ocean.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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