Awards & Rankings
Awards & Rankings
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
02.23.18
SAN DIEGO – Pillsbury client Pacific Hospitality Group was honored with the award for Single Asset Transaction of the Year (over $25 million) at the prestigious Americas Lodging Investment Summit Awards. In what was one of 2017’s biggest hotel deals, PHG sold the elite Bacara Resort & Spa in Santa Barbara.
PHG won the award in collaboration with Carey Watermark Investors Incorporated and Carey Watermark Investors 2 Incorporated. The two real estate investment trusts rebranded the property as The Ritz-Carlton Bacara, Santa Barbara.
“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.”
Christian Salaman, a San Diego partner who leads Pillsbury’s Travel, Leisure & Hospitality industry team, led the deal team, which included Eric Kremer, Ryan Minarovich, Carrie Bonnington, Michelle Mehok, Kathryn Nyce, Richard Nielsen and Mark Jones.
Established in 1987, Pacific Hospitality Group 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, the company owns, manages, finances and develops hotels in iconic destinations.
Produced by Northstar Travel Group in association with the American Hotel & Lodging Association and Burba Hotel Network, the two-and-a-half-day Americas Lodging Investment Summit featured an extensive array of seminars and panels hosted by leading experts and investors discussing important trends and identifying new opportunities. The event took place in late January.