Pacific Hospitality Group has put the Bacara Resort & Spa in Goleta on the market, four years after acquiring the beachfront property.
The company is currently marketing the sale of Bacara, a 358-room, 35-acre resort at 8301 Hollister Ave. in western Goleta.
“In a strong market like we are seeing, it is not unusual,” PHG chief investment officer Kory Kramer told Noozhawk in an email. “The significant improvements that PHG made to the resort has increased its value, therefore opening the door to new opportunities.”
Kramer said his company is currently at the beginning of the marketing process, and that hotel brokerage firm Hodges Ward Elliot is “introducing the opportunity to a select group of potential buyers.”
He added that more than $25 million has been invested into Bacara since PHG acquired it in February 2013.
“At this time, we are not disclosing the listing price,” Kramer said.
Last June, the resort opened a new seafood and steakhouse restaurant, Angel Oak, and work is currently being done on guestroom shower basins, tiles and several meeting spaces, Kramer said.
Improvements to the property over the last four years have also included a Foley Food & Wine Society tasting room, a coffee bar, upgrades to the poolside bar and bistro patio, and new furnishings and technology in guestrooms.
The resort also features a 42,000-square-foot spa, swimming pools, a wine cellar, bars and lounges and 25,500 square feet of meeting space.
“The Bacara experience will not be impacted in any way” by the selling process, Kramer said.
Irvine-based PHG manages 11 other high-end hotels and resorts in California, Arizona, Hawaii and Louisiana, including Estancia La Jolla Hotel & Spa in San Diego, Balboa Bay Resort in Newport Beach, and The Meritage Resort and Spa in Napa.
The company bought the property from Ohana Real Estate Investors and Rockpoint Group, which owned the resort since 2011.
Kramer told Noozhawk at the time that Bacara had been on the market about a year before PHG acquired it.
— Noozhawk staff writer Sam Goldman can be reached at sgoldman@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.