Bacara Deal Finalized
Pacific Hospitality Group Buys Resort
Last week’s rumors that the Bacara Resort was about to be sold were confirmed on Monday when the Orange County-based Pacific Hospitality Group (PHG) announced that it had purchased the 360-room property for an undisclosed sum. The seller was the Bay Area-based Ohana Real Estate, which took over the property in July 2011 after buying it from the original developer for nearly $105 million.
Located in Irvine and founded in 1997, Pacific Hospitality Group operates seven hotels, all in Southern California except for The Meritage, a luxury resort in Napa Valley. Its CEO and founder, Tim Busch, made his original fortune on Busch Markets, the largest independent grocery chain in Michigan, and also owns a winery called Trinitas Cellars in Napa. He’s an avid supporter of Catholic causes.
Also involved in the Bacara deal are Eagle Four Partners, a PHG investor, and vintner Bill Foley, who owns many wine businesses throughout California and plans to enhance the Bacara by making it part of the Foley Food & Wine Society.
