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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