Caruso in Escrow on Miramar Hotel

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Developer Rick Caruso is in escrow to buy the shuttered Miramar Hotel in Montecito, in his first foray into the hospitality industry.


Caruso, best known for developing the Grove retail complex in the Fairfax District, is buying the hotel from Beanie Babies toy maker Ty Warner, who purchased it in 2005 from hotel tycoon Ian Schrager for $43 million.


The hotel is shuttered and partly demolished after aborted renovations and was known for being an affordable beachfront getaway spot. Schrager planned to turn the site into a hip resort, but ran out of money and sold out to Warner.


It’s unclear exactly what plans Caruso has for the hotel. A spokesperson for Caruso Affiliated Holdings, said the property is in escrow. The purchase would mark the developer’s second project outside of Southern California. He also is working on a development in Albany, just north of Berkeley.

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