Rumors that the Bacara Resort & Spa in western Goleta is being sold were confirmed Monday when BRS Ventures LLC announced its purchase of the 35-acre beachfront property.
BRS Ventures, an affiliate of Pacific Hospitality Group, LLC, bought the 360-room resort and conference center from SB Luxury Resort, an affiliate of Ohana Real Estate Investors and Rockpoint Group, which have owned the property since 2011.
The purchase price of the property at 8301 Hollister Ave. was not disclosed.
“We continually look to complement our expanding portfolio with properties that deliver exceptional experiences for both group and leisure travelers,” said Timothy Busch, founder and chief executive officer of Pacific Hospitality Group, in a news release. “Pacific Hospitality Group’s style of comfortable luxury and genuine service will further enhance Bacara’s positioning as one of California’s most alluring retreats.”
Bacara General Manager Kathleen Cochran, who will continue leading the resort under its current name, would not speak about any possible sale last week.
The resort, which Ohana purchased for $104 million in 2011, includes a 42,000-square-foot spa, swimming pools, restaurants, a wine cellar, bars and lounges, and 25,500 square feet of meeting space.
BRS Ventures has been actively pursuing the resort and conference center since last fall, Kory Kramer, chief investment officer of Irvine-based Pacific Hospitality Group, told Noozhawk Monday.
The resort had been on the market about a year.
Kramer said a letter of intent was signed in December, with the sale officially closed Friday.
“We see this as a great, very dynamic hotel environment right now,” he said. “We’re taking advantage of that market.”
Bacara is the fourth four-star hotel picked up by Pacific Hospitality Group, which has acquired three major California coastal hotel assets in the past 15 months as part of its newly-formed Meritage Collection.
Its other high-end resorts include Estancia La Jolla Hotel & Spa in San Diego, Balboa Bay Resort in Newport Beach, and The Meritage Resort and Spa in Napa.
Kramer said he wanted to correct some false media reports by clarifying that Montecito resident Bill Foley, who owns Foley Family Wines with vineyards in Santa Barbara County and elsewhere in the state, has purchased a minority ownership stake in Bacara from Pacifica Hospitality group, not from Ohana.
Under the new ownership of Pacific Hospitality Group and its primary investors, Foley and Eagle Four Partners, Bacara will undergo several enhancements, including a partnership to promote Foley’s wineries through Foley Food & Wine Society.
“The hotel is an incredible asset,” Kramer said. “Meritage is a collection of hotel properties that delivers a unique lifestyle in a very desirable location. Adding Bacara will only enhance (our) level of services. We’re very excited.”
Kramer said Bacara will continue its strong commitment to the Goleta and Santa Barbara communities and nonprofit organizations.
With the sale, Ohana management bid a fond farewell to the resort it owned for a short time.
“Bacara is a special resort; its team members and surrounding community have become an extension of our Ohana family,” said Sarah Mancuso, vice president of Ohana Real Estate Investors, in a news release. “We’re grateful for the time we’ve shared with Bacara and wish the resort continued success ahead.”
— Noozhawk staff writer Gina Potthoff can be reached at gpotthoff@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.