University of California buys Ritz-Carlton hotel for $193 million: Other US universities with high-value properties

详细摘要

University of California bought the Ritz-Carlton Hotel in Half Moon Bay for $193 million, adding to a growing trend of varsities buying high-value properties.

The University of California’s investment arm has purchased the Ritz-Carlton Hotel in Half Moon Bay for $193 million. This marks a addition in the trend of major real estate acquisition by a US higher education institutions. The purchase was confirmed by the San Mateo County Assessor’s Office after the sale was completed in recent days, according to Coastside News.

University officials have not publicly revealed their plans for the luxury coastal property or explained how it will be managed. The acquisition comes after the Half Moon Bay City Council rejected a request from the hotel’s previous owner, Strategic Hotels and Resorts or a related entity, for relief from a $2.1 million overdue hotel occupancy tax bill.

The UC deal has brought attention on universities expanding beyond traditional campuses and investing in commercial real estate.

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