Reader Primetime let me know that the Ritz-Carlton Bacara Resort was sold for $529 million to Brookfield Properties of New York. This is the largest non-oil sale in Santa Barbara County history. The official buying entity is Ruby SB Hotel LLC and the City of Goleta earned a $583,855.90 transfer tax on the sale. I am told that a restaurant refresh is in the works.
The transaction follows several others involving Brookfield Properties in recent months. In May, the company announced its purchase of the Watermark Portfolio, a hospitality portfolio which included 1,080 rooms in Southern California. In total, the $3.8 billion deal included 25 properties totaling over 8,100 rooms in 14 states. The Southern California properties that were part of the transaction include the Bacara, the 350-room Westin Pasadena, and the 372-room Marriott La Jolla. Prior to that, the company also purchased the DreamWorks property, a 14.7-acre headquarters campus in Glendale.
Just wanted to let you know that brass bird coffee in carpinteria opened last week and it is one of the nicest coffee places in the area.
$222 to build in 2020.