BRS Ventures, LLC, an affiliate of Pacific Hospitality Group, LLC (PHG) (www.pacifichospitality.com), announces the purchase of Bacara Resort & Spa (www.bacararesort.com) in Santa Barbara, Calif., from SB Luxury Resort, an affiliate of Ohana Real Estate Investors and Rockpoint Group, which have owned the property since 2011. The purchase price was not disclosed.
“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 (url]www.eaglefourpartners.com[/url]) 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.