Pacific Hospitality Group Receives Top Honor from ALIS
Company Garners Prestigious ALIS Award for Single Asset Transaction of the Year for 2013.
Americas Lodging Investment Summit (ALIS) today announced the winners of their prestigious ALIS awards. The awards are based on outstanding business performance in various industry sectors and are determined by ALIS sponsors and delegates. Pacific Hospitality Group received the award for “Single Asset Transaction of the Year 2013” for the $185 million acquisition of Bacara Resort & Spa, in Santa Barbara, CA. Timothy R. Busch, founder and chief executive officer of Pacific Hospitality Group, Kory Kramer, chief investment officer of Pacific Hospitality Group, and John Moody, vice president of finance of Pacific Hospitality Group attended the ALIS awards luncheon to accept the award.
“We are honored to receive this prestigious award from ALIS,” said Busch. “We continually look to enhance our expanding collection with properties that deliver exceptional experiences, and Bacara Resort & Spa exemplifies just that. With its comfortable luxury and pristine oceanfront location, Bacara offers a one-of-a-kind luxury retreat for travelers.”
Bacara Resort & Spa opened in 2000 and quickly established itself as the premier Santa Barbara resort destination. The property includes 354 guestrooms and suites, four restaurants and lounges, a four-story spa and wellness center, three swimming pools, and 50,000 square feet of function space.
Embodying the essence of the American Riviera lifestyle, Bacara is nestled on the bluff and beaches of the Gaviota coast, just 40 miles from the Santa Ynez Wine Country and 10 miles from the Santa Barbara airport.
“It is a tremendous honor to be recognized by the hotel investment community with this highly coveted award,” said Kramer. “The acquisition of Bacara represents our strong commitment to growth and the positioning of Pacific Hospitality Group and the Meritage Collection as an expanding collection of premier lifestyle resort assets. We were pleased to work with Mark Elliott of Hodges Ward Elliott in this complicated transaction.”
The purchase of Bacara Resort & Spa was the latest venture for the rapidly expanding Pacific Hospitality Group as part of its recently formed Meritage Collection (www.meritagecollection.com). The elite group also includes Estancia La Jolla Hotel & Spa in San Diego, Balboa Bay Resort in Newport Beach, and The Meritage Resort and Spa in Napa.
About Meritage Colection
The Meritage Collection is a lifestyle and luxury hotel brand that blends iconic, one-of-a-kind places with locally-inspired experiences designed for the curious traveler. Débuted in 2013, Meritage Collection is comprised of six hotels & resorts throughout California and Hawaii – The Meritage Resort and Spa in Napa Valley, Bacara Resort & Spa in Santa Barbara, Paséa Hotel & Spa in Huntington Beach (Opening May 2016), Balboa Bay Resort in Newport Beach, Estancia La Jolla Hotel & Spa, and Ko’a Kea Hotel & Resort in Kauai. Reflective of its California roots, the Meritage Collection offers a laid-back luxury service culture that caters to the modern day traveler. The Meritage Collection properties are members of the Global Hotel Alliance and its DISCOVERY Rewards Program. DISCOVERY rewards travelers with local experiences and unique adventures not generally available to the public. For more information, please visit http://meritagecollection.com/.
About Pacific Hospitality Group
Since 1987, Pacific Hospitality Group (PHG) has maintained a strategic vision and strong sense of core values as guiding principles for business success. With luxury hotel properties from Napa Valley to Southern California, PHG’s growing portfolio of hotel and resort investments reinforces the company’s cohesive vision. PHG manages, develops, finances, and owns hotel assets in California. Its Meritage Collection properties include Bacara Resort & Spa in Santa Barbara, Balboa Bay Resort in Newport Beach, Estancia La Jolla Hotel & Spa, and The Meritage Resort and Spa in Napa Valley along with Paséa Hotel & Spa in Huntington Beach opening in early 2016. Also, the company owns and operates the Wyndham Anaheim Garden Grove, AC Hotel New Orleans Bourbon/French Quarter Area, DoubleTree by Hilton Irvine Spectrum, and DoubleTree by Hilton Santa Ana / Orange County Airport. PHG successfully operates its hotels by consistently growing revenue while effectively managing costs, thereby maximizing each hotel’s NOI. By using a cluster strategy, PHG is committed to increasing its market share and adding value to its portfolio through renovations, repositioning, and expansion. www.pacifichospitality.com