News for the Hospitality Executive
IRVINE, Calif. - February 25, 2013 -- BRS Ventures, LLC, an affiliate of Pacific Hospitality Group, LLC (PHG) (www.pacifichospitality.com), announces the purchase of Bacara Resort & Spa (www.bacararesort.com) in Santa Barbara, Calif., from SB Luxury Resort, an affiliate of Ohana Real Estate Investors and Rockpoint Group, which have owned the property since 2011. The purchase price was not disclosed.
“We continually look to complement our expanding portfolio with properties that deliver exceptional experiences for both group and leisure travelers,” said Timothy Busch, founder and chief executive officer of Pacific Hospitality Group. “Pacific Hospitality Group’s style of comfortable luxury and genuine service will further enhance Bacara’s positioning as one of California’s most alluring retreats.”
Bacara Resort & Spa opened in 2000 and quickly established itself as the premier Santa Barbara resort destination. The property includes 354 guestrooms and suites, four restaurants and lounges, a four-story spa and wellness center, three swimming pools and 50,000 square feet of function space. Embodying the essence of the American Riviera lifestyle, Bacara is nestled on the bluff and beaches of the Gaviota coast, just 40 miles from the Santa Ynez Wine Country and 10 miles from the Santa Barbara Airport.
“Santa Barbara has enjoyed steady increases in revenue, employment and tourism,” said Kory Kramer, chief investment officer of Pacific Hospitality Group. “This acquisition represents our strong commitment to growth while meeting our strategic investment criteria. We are excited to welcome Bacara into our expanding collection of lifestyle resort assets.”
The purchase of Bacara is the newest venture for the rapidly expanding Pacific Hospitality Group which has acquired three major California coastal hotel assets in the past 15 months as part of its newly-formed Meritage Collection (www.meritagecollection.com). The elite group also includes Estancia La Jolla Hotel & Spa in San Diego, Balboa Bay Resort in Newport Beach, and The Meritage Resort and Spa in Napa.
Under the new ownership of Pacific Hospitality Group and its primary investors, Eagle Four Partners (www.eaglefourpartners.com) and Bill Foley, Bacara will enjoy several exciting enhancements, including a partnership with Foley Food & Wine Society (www.foleyfoodandwinesociety.com). Additionally, Bacara will continue its strong commitment to Santa Barbara and Goleta’s nonprofit organizations, adding to Pacific Hospitality Group’s stellar community service reputation.
“Bacara is a special resort; its team members and surrounding community have become an extension of our Ohana family,” said Sarah Mancuso, vice president of Ohana Real Estate Investors. “We’re grateful for the time we’ve shared with Bacara and wish the resort continued success ahead.”
Bacara will continue to operate as the name Bacara Resort & Spa under the leadership of General Manager Kathleen Cochran.
About Pacific Hospitality Group, LLC
Since 1987, Pacific Hospitality Group, LLC (PHG) (www.pacifichospitality.com) has maintained a strategic vision and strong sense of core values as guiding principles for business success. With hotel properties from Napa Valley to Southern California, PHG’s growing portfolio of hotel and resort investments reinforces the company’s cohesive vision and ensuing success. PHG manages, develops, finances, and owns and operates hotel assets located in California including Bacara Resort & Spa in Santa Barbara, Balboa Bay Resort and Newport Beach Country Club, Estancia La Jolla Hotel & Spa, and The Meritage Resort and Spa in Napa. In addition, the company owns and operates the Crowne Plaza Anaheim Resort, Doubletree by Hilton Irvine Spectrum, and Doubletree by Hilton Santa Ana / Orange County Airport. PHG successfully operates its hotels by consistently growing revenue while effectively managing costs, thereby maximizing each hotel’s NOI. By using a cluster strategy, PHG is committed to growing its market share and adding value to its portfolio through renovations, repositioning and expansion.
About Eagle Four Partners
Eagle Four Partners (www.eaglefourpartners.com) is an Irvine-based private equity group specializing in hotel, golf, and other real estate investments. Eagle Four Partners actively asset-manages a portfolio of investments including Estancia La Jolla Hotel & Spa and Balboa Bay Resort.
About Ohana Real Estate Investors LLC
Ohana Real Estate Investors LLC (“OREI”) invests in luxury hospitality assets. OREI strives to achieve superior returns through the development, management, and acquisition of hospitality related assets. OREI is a principles and values based organization that utilizes experience, defined objectives and judgment to guide and inform the decision making process. The team at OREI is comprised of experienced hospitality professionals across numerous functional areas. OREI’s portfolio of operating hotels includes the Montage Laguna Beach, the Montage Beverly Hills, and the Montage Deer Valley. The development portfolio includes a number of projects in North America that are in various stages of planning. The team at OREI is comprised of hospitality professionals in development, finance, construction, architecture and design, residential, asset management and acquisitions.
About Rockpoint Group, L.L.C.
Rockpoint Group, L.L.C. ("Rockpoint") is a Boston-based real estate investment management firm with other primary offices in Dallas, San Francisco, and London. The Firm employs a fundamental value approach to investing and maintains a hands-on focus on a key set of asset classes in select geographic regions, with a primary emphasis on opportunities in the United States. Since its inception in 2003, Rockpoint has sponsored six private investment funds and three co-investment vehicles with capital commitments in excess of $7.5 billion. The Firm's seven managing members have been working and investing together for between 12 and 17 years.
Bacara Resort & Spa
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