Bacara Resort Sold to Ritz Carlton
Pacific Hospitality Group, the management company of the Bacara Resort, apparently declined to provide names of the potential buyer. However, Pacific Coast Business Times reports, "it has been bought by New York real estate investment trust Carey Watermark and would be operated by Ritz-Carlton. Marriott, the owner of the Ritz-Carlton brand, has advertised job openings for several new positions on its website for the Bacara Ritz-Carlton, which the website said is being converted in September of 2017."
The details and amount of the potential sale have not been disclosed.
The 360-room hotel was purchased in 2013 by Pacific Hospitality Group from Ohana Real Estate Investors, who had purchased it from ADCO Group in 2011 for an estimated $104 million.