IRVINE, Calif.--(BUSINESS WIRE)--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 Pacific Hospitality Group, LLC
Since 1987, Pacific Hospitality Group, LLC (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 including Bacara Resort & Spa in Santa Barbara, Balboa Bay Resort, Balboa Bay Club, Newport Beach Country Club, Estancia La Jolla Hotel & Spa, and The Meritage Resort and Spa in Napa Valley. In addition, the company owns and operates the Crowne Plaza Anaheim Resort, 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 growing its market share and adding value to its portfolio through renovations, repositioning, and expansion. www.pacifichospitality.com
About Meritage Collection
Meritage Collection is a new life and style collection from Pacific Hospitality Group, which includes independent hotels, resorts, wineries, and golf courses. Meritage Collection offers exceptional travel and one-of-a-kind experiences in four of California’s most spectacular locations—La Jolla, Napa Valley, Newport Beach, and Santa Barbara. Blending the best in leisure and group travel, Meritage Collection débuted in 2013 and includes The Meritage Resort and Spa, Bacara Resort & Spa, Balboa Bay Resort, and Estancia La Jolla Hotel & Spa. For more information about Meritage Collection, please visit www.meritagecollection.com.