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.
Pacifica has also owned the Holiday Inn Express in Seaside since at least 2008.
Hotel Pacific had been owned by Hotel Pacific Limited Partnership, an affiliate of the Coastal Hotel Group in Chicago which later moved to Seattle.
Click Monterey Herald to read the full story.
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