Ascendant Capital, Centerbridge acquire central California hotel

Ascendant Capital Partners, in partnership with Centerbridge Partners, has acquired Monterey Tides, a 196-room waterfront boutique hotel in Monterey, Calif., from Southwest Value Partners.

The terms of the deal were not disclosed. Highgate Hotels has been engaged by the new owners to operate Monterey Tides.
 
Monterey Tides, located on Sand Dunes Drive, is Monterey’s only hotel with a privately-owned beachfront, which covers almost 600 linear feet. The hotel has restaurants and bars, a heated outdoor pool and hot tub, 9,000-square-feet of meeting space,and direct access to the Monterey Peninsula Recreational Trail.
 

“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," said Alex Halpern, co-president and chief investment officer of Ascendant, in a statement. "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.”