Pacific Hospitality Group confirmed Sept. 12 that it had entered the final stages of a sale of the Bacara Resort & Spa in Goleta to a new buyer and its transition to a new management company but declined to provide names.
Industry sources said that it had 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 Hollister Avenue property was listed for sale in February for an undisclosed amount and it is unknown how much the new owner is paying for it. Kory Kramer, chief investment officer at Irvine-based PHG, said the company could not share details about the transaction.
PHG purchased the property in 2013 for an estimated $150 million to $180 million. It has since invested $25 million in upgrades at the site, including its guestrooms, a wine tasting room, a coffee bar and the $3.5 million renovation of the Angel Oak restaurant.
The Bacara was originally built for $220 million by ADCO Group and later sold to Ohana Real Estate Investors for $104.4 million.
The 78-acre property features 360 rooms and suites, a 42,000-square-foot spa and wellness center and around 70,000 square feet of meeting space. It had 579 employees in 2016.
• Contact Marissa Nall at [email protected]