LOS ANGELES, CA – January 10, 2022 – Ascendant Capital Partners, a vertically integrated real estate investment and operating platform, in partnership with Centerbridge Partners today announced that they have acquired Monterey Tides, a 196-room waterfront boutique hotel in Monterey, California, from Southwest Value Partners.
Monterey Tides, located on Sand Dunes Drive, is Monterey’s only hotel with a privately owned beachfront, spanning almost 600 linear feet. The hotel features well-appointed guestrooms and a range of amenities including restaurants and bars, a heated outdoor pool and hot tub, 9,000 square feet of ocean-view meeting space, and direct access to the Monterey Peninsula Recreational Trail.
Highgate, a leading hospitality investment and management company, has been engaged by the new owners to operate Monterey Tides.
Alex Halpern, Co-President and Chief Investment Officer of Ascendant, said,
“The acquisition of Monterey Tides, one of the gems of the Monterey community, builds on our firm’s extensive hospitality sector experience and platform-based approach to acquiring high-potential lifestyle hotel assets. Situated on irreplaceable oceanfront property, Monterey Tides has for many years been beloved by those who visit for pleasure and business with an attractive range of amenities and convenient access to attractions on California’s central coast. We are excited to partner with Centerbridge and Highgate, one of the world’s leading hotel managers, to build on Monterey Tides’ heritage and elevate its status as a premier vacation and business destination.”
Adam Burinescu, Senior Managing Director of Centerbridge, said,
“We are delighted to broaden our relationship with Highgate and begin a new partnership with Ascendant with this investment. We believe drive-to leisure assets like Monterey Tides are positioned to outperform in the coming years.”
“We are excited to partner with Ascendant and Centerbridge, both of whom we have a longstanding relationship and a shared interest in the growth of the lifestyle hospitality segment,” said Rich Russo, Principal at Highgate. “The well-located, waterfront Monterey Tides is an iconic asset with a rich history in a market where Highgate has a strong presence and a distinct ability to bring value.”
