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Hotel Pacific Changes Hands for $29M

MONTEREY, CA-The 105-suite luxury property adjacent to the Monterey Convention Center will be renovated by the new owners.

By Brian K. Miller | Updated on August 12, 2007

MONTEREY, CA-The 105-suite Hotel Pacific here has changed hands for $29 million or $276,000 per door, according to industry sources. The new owner is a joint venture of the Harp Group, Mid-America Development Partners and Equibase Capital Group. The seller, Rick Swig and his Not On Cannery Row partnership, acquired the property in March 2002 for $15.75 million or $150,000 per door.

The Spanish-style Hotel Pacific is spread out in 16 buildings and includes 1,750 sf of meeting space. It is located adjacent to the Monterey Convention Center and is within walking distance of Fisherman’s Wharf, Cannery Row and the Monterey Bay Aquarium. The property will be managed by Portfolio Hotels, an affiliate of the Harp Group. A renovation is planned.

Located at 300 Pacific St., the hotel sits on a ground lease from the City of Monterey that expires in 2034. Including this latest transaction, the ground lessee has changed five times since John Barleycorn Inc. completed construction of the property in 1985. In the last fiscal year, payments on the ground lease totaled slightly more than $411,000.

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