Plush Southern California seaside resorts suffered during the recent recession, but they are making a comeback as business and leisure travel picks up.
Now, Bacara Resort & Spa near Santa Barbara has been acquired by an Irvine hotel company that plans to upgrade the luxurious inn as well-heeled guests return to coastal resorts.
Pacific Hospitality Group bought Bacara from SB Luxury Resort, an affiliate of Ohana Real Estate Investors and Rockpoint Group, which have owned the property since 2011. The sale price was not disclosed, but real estate experts said the seller was asking for more than $150 million.
The 354-room hotel will continue to be known as Bacara, a name made up for the property that opened in 2000. It will be operated by Pacific Hospitality, which also acquired Estancia La Jolla Hotel & Spa in San Diego, Balboa Bay Resort in Newport Beach and the Meritage Resort & Spa in Napa during the last 15 months.