MONTEREY, CA-San Diego's Pacifica Companies plans to spend $20 million to purchase Hotel Pacific in downtown Monterey.
Local media reported the deal, citing a report that will be considered at a local government meeting tonight. The same company purchased Lighthouse Lodge & Cottages in nearby Pacific Grove for $10 million in June, records indicate.
The City of Monterey owns the land the hotel is located on, and the city council must authorize the transfer of a ground lease from the hotel's previous owner.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
