Media Coverage
San Diego-based team advises Pacific Hospitality Group in sale of elite resort
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
09.29.17
San Diego Corporate partner Christian Salaman led a Pillsbury team representing Pacific Hospitality Group in its sale of Bacara Resort & Spa to a pair of non-traded real estate investment trusts run by New York-based Carey Watermark Investors. The new owners will rebrand the property as The Ritz-Carlton Bacara, Santa Barbara.
Since Pacific Hospitality Group and its lead investors Eagle Four Partners and William Foley acquired the upscale 360-room Bacara Resort in 2013, the group has invested more than $27 million into property improvements.
“The completion of this sale transaction is a true accomplishment for PHG and our investors,” said Kory Kramer, chief investment officer at PHG. “Bacara is in great hands as we pass the torch of ownership to Carey Watermark Investors and management to The Ritz-Carlton.”
Established in 1987, Pacific Hospitality Group is a growing hospitality company with 11 hotels in California, Hawaii and Louisiana. Based in Irvine, Calif., the company owns, manages, finances and develops hotels in iconic destinations.
In addition to Salaman, who leads Pillsbury’s Travel & Hospitality industry team, the Pillsbury team included Eric Kremer, Ryan Minarovich, Carrie Bonnington, Michelle Mehok, Kathryn Nyce, Richard Nielsen and Mark Jones.