Somera Capital Management Breaks Ground on the Inn at the Pier in Pismo Beach on the California Coast
February 24, 2016 9:43am
Irvine, CA (February, 24, 2016) – Pacifica Hotels, the largest operator of boutique hotels on the California Coast, announced today the ground breaking of the highly anticipated Inn at the Pier in Pismo Beach. Located just steps from the famous Pismo Beach pier and boardwalk, Inn at the Pier is slated to open in early 2017 at 601 Cyprus Street in downtown Pismo.
The owner and developer, Somera Capital Management, has retained Pacifica Hotels as the management company. The Inn at the Pier joins Pacifica Hotels’ four other managed Pismo Beach hotels: Sandcastle Inn, Spyglass Inn, Cottage Inn, and The Tides
Inn at the Pier will feature 104 well-appointed guest rooms, 1,500 square-feet of meeting and event space, a roof-top bar, swimming pool, fitness center, lobby bar, retail shops, an upscale restaurant with indoor/outdoor dining, and an underground parking garage.
Reminiscent of a luxury beach home, Inn at the Pier has been designed in the community’s charming beachside craftsman style. Within walking distance to the pier, beach, boutiques, surf shops and cafes, as well as close to the Oceano Dunes Nature Preserve and the Monarch Butterfly Cove, Inn at the Pier will provide an ideal spot from which to explore this classic California beach town, or to simply sit back and watch the sun set.
“We are thrilled to have officially broken ground on this new project,” said Todd Moreau, Chief Operating Officer of Pacifica Hotels. “We have been operating hotels in Pismo Beach for 40 years and are excited to be able to offer the community and visitors alike a new way to experience this destination.”
Over the past three years, Pacifica Hotels has seen positive growth through management acquisitions. Pacifica Hotels has proven to be a key player in West Coast hospitality with industry-leading performance and outstanding guest experiences. The development of the Inn at the Pier in Pismo is an excellent addition to its portfolio as well as a strong expression of the company’s future growth.
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somera capital management
Pacifica Hotels was formed in January of 1993 to consolidate the hospitality operations of Invest West Financial Corporation, which has been involved in the acquisition, development, refurbishing and operating of quality hotel properties and other commercial real estate properties for almost 30 years. Today, Pacifica Hotels is the largest owner and operator of boutique hotels on the Pacific coast. Pacifica Hotels’ 34 independent and flag properties in key California cities from San Diego to San Francisco, as well as Hawaii and Florida, feature outstanding locations, AAA 3 and 4-diamond ratings, upgraded amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com
Contact: Parker Phillips
Contact: Jennifer Barry
Somera Capital Management is a boutique real estate investment firm that was founded in 1994 to acquire and manage value-added real estate investments on behalf of its principals and third party investors. Somera invests in properties that are well-located with sound physical and economic fundamentals, properties that have the ability to generate attractive levels of distributable cash, and properties to which Somera can add value by executing recapitalization or repositioning strategies.
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