LONG BEACH, Calif. (PRWEB)
January 10, 2018
Pacific6, a community investment and development partnership capitalized at $100 million, has purchased the historic Breakers Hotel in downtown Long Beach, California, with plans to completely renovate the nearly 100-year-old landmark into a boutique destination hotel.
Brought together by John Molina, formerly the Chief Financial Officer of Molina Healthcare, Pacific6 is a new, Long Beach-based partnership of six founders, with diverse entrepreneurial backgrounds, including healthcare, financial services, risk management, human resources, legal affairs, and media/marketing development – spanning from Fortune 200 to small, independent companies. Pacific6 plans to commit its investment pool towards projects – both for-profit and non-profit – which offer unique potential to positively impact the people and communities in which they are located – either economically, socially, or both.
Among the first Pacific6 projects was the November 2017 purchase of the Breakers Hotel on Ocean Boulevard in Long Beach, California. The hotel originally opened as a luxury oceanfront resort in 1926. After a financial decline and changes in ownership, the Breakers was acquired by Conrad Hilton in 1938 as the 8th hotel in the Hilton chain. The Breakers was sold again in 1947, changed names and ownership several more times, before being operated as a senior living facility by the most recent owner until 2015.
With the acquisition of the Breakers, Pacific6 intends to fully restore the property through the development of an independent hotel, featuring best-in-class amenities, entertainment, and dining. The preservation and upgrade of the Breakers is a complex project, with a complete timeline still to be finalized; however, financing has been secured, and architectural and construction planning is underway. The historic Sky…