An affiliate of the Hyatt Hotels Corp. has acquired the Ventana Big Sur resort for $148 million, or $2.5 million per key, which is a record for a North American resort.
The seller was Geolo Capital, the private equity investment arm of the John Pritzker family office, and its joint-venture partner Wanxiang America Real Estate. They acquired the resort in 2015.
"We saw substantial unrealized value in controlling 59 of Big Sur's 100 available full-service guestrooms and understood the potential to raise average daily rates following a comprehensive renovation, rebrand and repositioning," said John Pritzker, Geolo founding partner and director, in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
