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The Bacara Resort & Spa in Goleta is up for sale for the second time in the past six months.
Ohana Real Estate Investors purchased the 35-acre beachfront resort at 8301 Hollister Ave. from the ADCO Group last July.
ADCO is a New York-based real estate and merchant banking company that developed, owned and managed the 360-room destination resort and conference center.
Ohana purchased the resort for $104 million, and several Santa Barbara hotel operators estimate an offer of $180 million to $200 million, according to the Pacific Coast Business Times, but the talks with an undisclosed buyer are preliminary and no official offer has been made.
Bacara publicist Jennifer Guess said that several companies may have shown interest in acquiring the Bacara Resort & Spa because of key management changes and recent renovations. She said that since purchasing the Goleta resort, Ohana Real Estate Investors hired General Manager Kathleen Cochran, welcomed back the local community and began renovations.
“(Memorial Day) will be the first time since 2005 that (Bacara) will be fully operational,” Guess said. “A critical component of the plan was to welcome back the community and be an active participant in the business community. As a result of that strategy, the operations have really responded and that has translated into additional value to the company.”
Historically, hotel brands have always been attracted to Santa Barbara, said Kathy Janega-Dykes, president and CEO of the Santa Barbara Conference & Visitors Bureau and Film Commission.
“What’s attractive is the diversity of the businesses in this community,” she said. “Some resort communities focus primarily on leisure, but in our case we attract conferences, corporations and social groups in addition to leisure and visitors who come from all over the world.”
Janega-Dykes said local hotels have enjoyed an increase in occupancy and room rates are starting to climb so far this year.
“We’re seeing a strong recovery in the tourism sector, and the actual bookings are stronger than originally forecasted,” she said.
Although several third parties have shown interest in Bacara, new management prioritizes a high level of customer service, Guess said.
“Guests can continue to expect the highest level of service they are accustomed to,” she said. “We have special things planned for Valentine’s Day and we will continue to have those opportunities as we look forward to having the locals be apart of a new chapter for Bacara.”
The resort includes a 42,000-square-foot spa, swimming pools, restaurants, a wine cellar, bars and lounges, and 25,500 square feet of meeting space.
— Noozhawk business writer Alex Kacik can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook and Pinterest.
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