Pacific Hospitality Group Announces Acquisition of Bacara Resort & Spa
"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 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.
About Pacific Hospitality Group
Established in 1987, Pacific Hospitality Group (PHG) is a growing hospitality company with 11 hotels in California, Hawaii and Louisiana. Based in Irvine, California, the company owns, manages, finances and develops hotels in iconic destinations. PHG serves as the parent company to a portfolio of lifestyle and luxury properties known as the Meritage Collection. Meritage Collection hotels include 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 Village at The Meritage Resort, an all-new resort and wine-tasting experience at the storied Meritage Resort (opening summer 2018).
Pacific Hospitality Group also serves as the franchisee of the following properties: Wyndham Anaheim Garden Grove, AC Hotel Phoenix Tempe/Downtown, AC Hotel Irvine, AC Hotel New Orleans Bourbon/French Quarter Area, DoubleTree by Hilton Irvine Spectrum, and DoubleTree by Hilton Santa Ana /Orange County Airport. Other PHG affiliations include Trinitas Cellars, Balboa Bay Club and the Newport Beach Country Club. For more information, visit www.pacifichospitality.com or www.linkedin.com/company/pacific-hospitality-group.