UC Investments Buys Ritz-Carlton Half Moon Bay for $193M
The University of California's investment office bought the 261-room Ritz-Carlton Half Moon Bay for $193M, about $739,000 per key, the Chronicle reported.
IllustrationThe University of California has bought the Ritz-Carlton Half Moon Bay for $193 million through its investment office, the San Francisco Chronicle reported on November 6. County records cited by the paper list the buyer as Regency Half Moon Bay, a limited partnership using the university system’s Oakland headquarters address. CoStar reported the sale first.
Why it matters
A public university’s endowment and pension investor is now an owner of a San Mateo County resort, as the Chronicle’s report shows. The deal follows UC Investments’ purchase last year of the 331-room Residence Inn Berkeley for $175.8 million, per the Chronicle, which points to a growing direct hotel position around the Bay.
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The numbers
At $193 million for 261 rooms, the price works out to roughly $739,000 per key by our math. A July 2004 filing by Strategic Hotel Capital, which bought the property from a client advised by Morgan Stanley Real Estate, put that sale at $124.4 million, so the headline price is about 55% above the 2004 figure over 22 years. The Chronicle also reports the hotel settled a dispute with the city over $2.16 million in unpaid hotel taxes and interest less than a month before the sale. The immediate seller was not named in the coverage we reviewed.
What’s next
The university has not said how it plans to manage or reposition the property, and its media office had not responded to the Chronicle’s request for comment. Watch for the recorded deed and any financing, which would show the entity structure and whether UC bought free and clear. More Peninsula deal coverage sits in our San Francisco market hub.
Quick answers
- Who bought Ritz-Carlton Half Moon Bay in San Francisco, and for how much?
- The University of California's investment office bought the 261-room Ritz-Carlton Half Moon Bay for $193M, about $739,000 per key, the Chronicle reported.
- What are the key numbers for UC Investments?
- reported price: $193M; guest rooms: 261; per room: $739K; 2004 price: $124.4M.
- Where does the information on UC Investments come from?
- The story cites San Francisco Chronicle (via Yahoo Finance) and SEC (Strategic Hotel Capital, Form 8-K exhibit).
On the record
Strategic Hotel Capital's July 2004 filing priced the same 261-room resort at $124.4M, against $193M now
SEC filing · sec.gov
Also reported by
- San Francisco Chronicle (via Yahoo Finance)University of California buys Half Moon Bay's Ritz-Carlton for $193 million