The University of California, through its investment arm, has purchased the Ritz Carlton property in Half Moon Bay, a coastal resort in San Mateo County, located about 30 miles south of San Francisco. The 261-room resort, built in 2001, was behind in occupancy tax bills, and was sold for $193 million to a limited partnership called Regency Half Moon Bay, according to reports.
The hotel had been owned by several groups since its opening, including the Blackstone Group, one the country’s largest and most well-known real estate investment groups. Blackstone and the UC system formed a joint trust several years ago, to support the university systems’ pension fund, which supports nearly 40,000 retirees and maintains a $300 billion portfolio by itself.
The concept of universities investing in hotels is not a new one, whether properties located adjacent to campuses or simply as investments. The University of California has not disclosed what its plans are for the Ritz Carlton property, but indications are that it simply intends to continue to operate it as an independent luxury resort. The closest UC colleges to the property are UC Santa Cruz (47 miles), UC Berkeley (50 miles), and UC San Francisco (31 miles), so a use focused on supporting a campus directly seems unlikely.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
