California resort sold for $20 million

The Carmel Valley Ranch Resort in Carmel, Calif., has been sold to an investment fund headed by financier John A. Pritzker.
Sale price for the 400-acre resort, which had been owned by a private equity firm managed by Blackstone Group, was reportedly $20 million. That would represent a dramatic drop from the anticipated $80 million to $100 million price tag that Blackstone reportedly had placed on the resort in 2007.
New York-based Blackstone had taken over the resort as part of its 2005 acquisition of Wyndham International for $3.24 billion.
The Carmel Valley Ranch property includes an 18-hole golf course and tennis courts, along with 144 rooms.
Pritzker indicated he plans to spend up to $25 million on renovations and on developing a high-end brand for the resort.      

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