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Bacara Resort & Spa Sold to Carey Watermark Investors
Hotel to rebrand as The Ritz-Carlton Bacara, Santa Barbara
Pacific Hospitality Group (PHG) announces the completion of the Bacara Resort & Spa sale transaction to Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2). The two non-traded real estate investment trusts (REITs) will rebrand the property as The Ritz-Carlton Bacara, Santa Barbara.
Since PHG and its lead investors Eagle Four Partners and William Foley acquired Bacara Resort & Spa in February 2013, ownership has invested more than $27 million into property enhancements, including a complete guestroom renovation, the development of a new award-winning signature restaurant Angel Oak, and upgrades to the resort's technology and other F&B venues.
"These key investments coupled with our team's commitment to exemplary service and operational excellence made Bacara Resort & Spa such an attractive asset," said Kory Kramer, chief investment officer, PHG. "The completion of this sale transaction is a true accomplishment for PHG and our investors. Bacara is in great hands as we pass the torch of ownership to Carey Watermark Investors and management to The Ritz-Carlton."
"We are grateful for the incredible opportunity to have been good stewards of Bacara," said Tim Busch, CEO of PHG. "We are proud of our many achievements, including dramatically increasing profitability, guest satisfaction and service, group events, and overall excellence. Bacara and its surrounding community will always hold a special place in our hearts and it was a privilege to bring this iconic resort to new levels of success."
Bacara Resort & Spa was a part of PHG's Meritage Collection, a portfolio of lifestyle and luxury properties that blend iconic, one-of-a-kind places with locally-inspired experiences. There are currently six other properties in the Collection: Paséa Hotel & Spa in Huntington Beach, Balboa Bay Resort in Newport Beach, Estancia La Jolla Hotel & Spa near San Diego, Ko'a Kea Hotel & Resort in Kauai, The Meritage Resort and Spa in Napa Valley, and the currently under construction Village at The Meritage Resort, which is an all-new resort and wine-tasting experience set to open summer 2018 at the Meritage Resort and Spa.