The University of California's investment arm, UC Investments, has bought the Ritz-Carlton Half Moon Bay for $193 million, the San Mateo County Assessor's Office confirmed.
Why it matters: The 261-room oceanfront resort is one of the coast's best-known hotels, and university officials have not said what they plan to do with it or who will run it, Coastside News reported.
The deal
County records list the buyer as Regency Half Moon Bay LLC, an entity affiliated with UC whose address is the university's Oakland headquarters, the Daily Bruin reported, citing county records and CoStar, which first reported the sale. UC Investments declined to comment.
UC Investments manages the university's endowment, cash and retirement funds. Its chief investment officer, Jagdeep Singh Bachher, has independent investment authority, so the UC Board of Regents does not approve real estate deals.
The tax dispute
The sale went through after the Half Moon Bay City Council declined to give the previous owner, Strategic Hotels & Resorts or a related entity, relief from an overdue hotel occupancy tax bill of about $2.1 million, Coastside News reported.
Related: Half Moon Bay council district results.