Irvine, Calif. -- 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.

For more information, visit www.pacifichospitality.com or meritagecollection.com.

About Pacific Hospitality Group

Established in 1987 by hospitality visionary and leader Tim Busch, Pacific Hospitality Group (PHG) is a growing hospitality company with 13 hotels in its portfolio. Today, Tim's son Garrett Busch is the president and driving force behind the Irvine, California based company, which 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, Granduca Hotel in Austin, Texas, Ko'a Kea Hotel & Resort in Kauai, as well as The Meritage Resort & Spa and Vista Collina Resort.

Pacific Hospitality Group also serves as the franchisee of the following properties: AC Hotel and Residence Inn Dallas by the Galleria, 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, Hyatt Place Phoenix Downtown. Other PHG affiliations include Trinitas Cellars.

Kristal McKanders
Pacific Hospitality Group Office
949.271.2729
Pacific Hospitality Group, Inc. (PHG)