Third Quarter Review
Propelled by office and land property sales, South Coast commercial dollar volume through three quarters is on pace for a record year. If hotel sales are added – including the sale of the Bacara Resort – 2017 is already a historic year with a quarter left to go.
In a deal that received national attention at the end of September, the Bacara Resort & Spa has been rebranded as a Ritz-Carlton and purchased by two REITs based in New York. The price was not disclosed but is estimated at $245 million. The South Coast is now the second-smallest metro area in the U.S. (behind Vail, Colorado) to have both a Four Seasons and a Ritz-Carlton. Continue Reading here.