Carey Watermark Investors Inc. (CWI 1) and Carey Watermark Investors 2 Inc. (CWI 2) have acquired the Bacara Resort & Spa in Santa Barbara, Calif., for an undisclosed price. The new owners have rebranded the oceanfront destination as a Ritz-Carlton resort.
The property recently completed a four-year, $27 million renovation, and its new owners plan further upgrades to its meeting spaces, lobby, F&B outlets, fitness center, pool and 42,000 sq. ft. spa.
“In conjunction with the acquisition we are extremely pleased to continue to expand on our already important relationship with The Ritz-Carlton and Marriott Intl., and to work in partnership with them in the conversion of the property to a best-in-class Ritz-Carlton resort that will continue to serve as an integral part of the local community, says Michael Medzigian, ceo of CWI 1 and CWI 2.
The 358-key Ritz-Carlton Bacara, Santa Barbara is comprised of 24 buildings on 78 acres of California coastline. It features 70,000 sq. ft. of event space; six F&B outlets, including its Angel Oak signature restaurant; a 42,000 sq.-ft. spa with 36 treatment rooms, a salon, spa retail boutique and fitness facility; and three zero-edge saltwater pools with 26 cabanas and two whirlpools.
The Bacara buy represents the fifth Ritz-Carlton property in the CWI 1 and CWI 2 portfolios. The others are in Fort Lauderdale, Key Biscayne, Philadelphia and San Francisco.