IRVINE, Calif.--(BUSINESS WIRE)--Pacifica Hotels, the largest owner and operator of independent hotels along the Pacific Coast, reported that 2015 has marked the company’s most profitable year to date. As California tourism continues to post record numbers, Pacifica Hotels, an Irvine, CA-based company with assets throughout the state, looks forward to sustained growth.
“Pacifica Hotels has long been committed to healthy expansion and development,” said CEO Matt Marquis. “We are pleased with the success of our approach including a tremendous return of capital to our investors and strong operational increases in 2015.”
- Total hotel revenue in 2015 was $152,041,000 which marked a 34.1% increase over 2014.
- $158,000,000 in refinancing allowed for the greatest amount of refinance proceeds in company history.
- $40,000,000 was returned to investors from refinance dollars. An additional $18,200,000 was returned from the sales of Hilton Garden Inn Marina del Rey and The Belamar Hotel, with a net profit of 41%
- $17,000,000 was reinvested in Pacifica-owned assets.
- The company’s net operating income increased by 31.4% year over year.
While Pacifica has long been a key player in coastal boutique hotel development and management, the company focus has shifted heavily to refining its growing portfolio and developing independently branded, upscale properties including the millennial-focused shared economy concept, The Wayfarer.
“2015 serves not only as a record year for Pacifica Hotels, but also as a strong indicator of the company’s future,” said Adam Marquis, Executive Vice President. “Looking ahead, we will continue to acquire properties in high barrier-to-entry locations as well as refine our product through brand evolution focusing on design-forward concepts and elevated service levels.”
Highlights from 2015 included the much lauded reopening of the Marina del Rey Hotel, an iconic property with a 50-year history, after a $25 million renovation, which includes the much talked about SALT restaurant. The Hilton Garden Inn Marina del Rey sold for $44.5 million following an award-winning renovation – named the 2014 “Best Conversion" property by Hilton Worldwide. Five new hotel properties were acquired, and four additional locations are planned for Q1 of 2016. Half a dozen property repositioning’s were completed, and 7 are scheduled for 2016 completion. Numerous strategic executive appointments were announced as well, including the promotion of Matt Marquis from President to CEO, and Todd Moreau from Executive Vice President to Chief Operating Officer.
About Pacifica Hotels
Pacifica Hotels was formed in January of 1993 to consolidate the hospitality operations of Invest West Financial Corporation, which has been involved in the acquisition, development, refurbishing and operating of quality hotel properties and other commercial real estate properties for almost 30 years. Today, Pacifica Hotels is the largest owner and operator of boutique hotels on the Pacific coast. Pacifica Hotels’ 34 independent and flag properties in key California cities from San Diego to San Francisco, as well as Hawaii and Florida, feature outstanding locations, AAA 3 and 4-diamond ratings, upgraded amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com.