Santa Barbara, CA – October 09, 2017 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, is announcing they represented Pacific Hospitality Group (“PHG”) in the recent sale of the Bacara Resort & Spa (“Bacara”) to Carey Watermark Investors Incorporated (“CWI 1”) and Carey Watermark Investors 2 Incorporated (“CWI 2” and, together with CWI 1, “Carey Watermark”). HWE also advised Carey Watermark on the financing of the Bacara acquisition. Carey Watermark will rebrand Bacara as The Ritz-Carlton Bacara, Santa Barbara.
Hodges Ward Elliott President Mark Elliott and Director Michael DiPrima represented the seller in the transaction and Managing Director and Head of Capital Markets, Lawrence Britvan, advised the buyer on the financing of the acquisition.
PHG, along with its lead investors Eagle Four Partners and William Foley, acquired the Bacara Resort & Spa in February 2013. Since then, PHG invested more than $27 million in capital improvements to the resort, including a complete guestroom renovation, the development of a new signature restaurant Angel Oak, and upgrades to the resort’s technology as well as its other food and beverage venues.
“Bacara is one of the premier ocean front resorts in North America. We knew this was a rare investment opportunity that would generate significant interest once we brought it to market,” adds Michael DiPrima, Hodges Ward Elliott. “It was a great honor for Hodges Ward Elliott to have been given the opportunity to market this prestigious asset and successfully execute its sale for the second time in four years.”
The 358-room, 24-building beachfront luxury resort is situated on 78 acres along the California coastline, 10 minutes from the Santa Barbara Airport and 35 minutes from the Santa Ynez Valley wine country. The property also includes three salt-water swimming pools, a 42,000-square-foot spa with 36 treatment rooms, a salon, fitness center and both indoor and outdoor event space.