IRVINE, Calif. (Jan. 30, 2018) – Pacific Hospitality Group’s (PHG) sale of Bacara Resort & Spa was named the “Single Asset Transaction of the Year (Over US$25M) 2017” at the prestigious the Americas Lodging Investment Summit (ALIS) Awards, produced by Northstar Travel Group in association with the American Hotel & Lodging Association (AHLA) and Burba Hotel Network (BHN). Among the finalists in the category were executives and companies responsible for being the most influential hotel industry deals over $25 million in 2017. PHG won the award in collaboration with Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2) for the sale transaction of the property that took place in September 2017. The two non-traded real estate investment trusts (REITs) rebranded the property as The Ritz-Carlton Bacara, Santa Barbara.
“It is a true honor to receive this recognition from the Americas Lodging Investment Summit (ALIS) and the hospitality investment community,” said Tim Busch, founder and chief executive officer, PHG. “We were the recipients of the ‘Single Asset Transaction of 2013’ for our acquisition of Bacara Resort & Spa, and we are proud to win this distinguished award again for completing the sale transaction of the property. It is a true accomplishment for PHG and our investors.”
“The Bacara transaction was a home run, and we are grateful for being recognized by our investment peers in the hotel industry,” said Kory Kramer, chief investment officer, PHG. “It was a highly complex transaction from start to finish. We were successfully guided by a team of professionals including the advisory services of Hodges Ward Elliott and Pillsbury Winthrop Shaw Pittman.”
The former Bacara Resort & Spa was a part of PHG’s Meritage Collection, a portfolio of lifestyle and luxury hotels that blend iconic, one-of-a-kind places with locally-inspired experiences. Débuted in 2013, the Meritage Collection is comprised of five hotels and resorts throughout California and Hawaii, representing more than 1000 rooms and nearly 90,000 square feet of premier indoor and outdoor meeting and event space. It includes The Meritage Resort and Spa in Napa Valley, Paséa Hotel & Spa in Huntington Beach, Balboa Bay Resort in Newport Beach, Ko’a Kea Hotel & Resort in Kauai, Estancia La Jolla Hotel & Spa near San Diego and the currently under construction Vista Collina Resort (opening summer 2018) in Napa.
About Pacific Hospitality Group
Established in 1987, Pacific Hospitality Group (PHG) is a growing hospitality company with 10 hotels, including one currently under construction, and more than 100,000 square feet of event space in California, Hawaii and Louisiana. Based in Irvine, California, the company 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, Balboa Bay Resort in Newport Beach, Estancia La Jolla Hotel & Spa near San Diego, Ko’a Kea Hotel & Resort in Kauai, and two Napa Valley properties – The Meritage Resort and Spa and Vista Collina Resort (opening summer 2018).
Pacific Hospitality Group also serves as the franchisee of the following properties: 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. Other PHG affiliations include Trinitas Cellars, Balboa Bay Club and the Newport Beach Country Club. For more information, visit www.pacifichospitality.com or www.linkedin.com/company/pacific-hospitality-group.
About the Americas Lodging Investment Summit (ALIS)
Produced by Northstar Travel Group in association with the American Hotel & Lodging Association (AHLA) and Burba Hotel Network (BHN), the two-and-a-half-day ALIS event features an extensive array of seminars and panels hosted by leading experts and investors discussing important trends and identifying new opportunities. The conference attracts the lodging industry’s leading hotel executives, investors, lenders, developers and professional advisory community. Proceeds benefit the educational, research, and training missions of the Educational Institute (EI) of the American Hotel & Lodging Education Foundation (AH&LEF), AH&LA’s not-for-profit affiliate. ALIS 2018 took place January 22-24, 2018 at the JW Marriott and Microsoft Theater L.A. LIVE. Visit the ALIS website, www.ALISconference.com, for additional information.