Group Reportedly to Acquire Ritz-Carlton

A New Mexico hotel investment group recently agreed to acquire the Ritz-Carlton Laguna Niguel luxury resort for about $225 million, according to published reports. Strategic Hotel Capital Inc. agreed to purchase the 393-room oceanfront resort from its owner, Prudential Insurance Co. of America, according to a report in the Wall Street Journal, which quoted unnamed sources. Strategic Hotel is a new partnership made up of New Mexico-based real estate investor Security Capital Group and investment bankers Goldman, Sachs & Co. The Journal said the Ritz-Carlton would be the centerpiece of a deal that would eventually include other hotel properties. Prudential Insurance declined to comment. Security Capital executives in Santa Fe could not be reached for comment. The hotel, where rooms average $225 a night, is considered one of the most successful operations in the chain of 32 Ritz-Carltons. Prudential put the resort on the block at the start of the year.