BACARA RESORT & SPA
LUXURIOUS COASTAL RETREAT . . .
Bacara is adjacent to the resort community of Santa Barbara, California’s most spectacular stretch of Pacific paradise, between the Pacific Ocean and the Santa Ynez Mountains. The resort sprawls across 78 acres and houses 358 guest rooms and suites overlooking either two miles of natural beach or lush resort gardens. Our partnership group won the prestigious “Single Asset Transaction of the Year (Over $25M)" at the Americas Lodging Investment Summit (ALIS) Awards, for both the purchase in 2013 and sale in 2017, an accolade rarely if ever achieved in the hotel business. Partnering with Pacific Hospitality Group and Bill Foley among others, our partnership group acquired a then under-performing hotel from a joint venture between Ohana Real Estate and Rockpoint Group, repositioned the hotel through aggressive management substantially increasing NOI as well as investing over $30 million in capital improvements including all new guestrooms and restaurants, and then successfully sold the hotel to Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2) in September 2017. The two non-traded real estate investment trusts (REITs) rebranded the property as The Ritz-Carlton Bacara, Santa Barbara with Marriott International as operator upon the sale.
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