Pacific6, a community investment and development partnership capitalized at $100 million, has purchased the historic Breakers Hotel in downtown Long Beach, CA, with plans to completely renovate the nearly 100-year-old landmark into a boutique hotel.
Brought together by John Molina, formerly the chief financial officer of Molina Healthcare, Pacific6 is a new, Long Beach-based partnership of six founders, with diverse entrepreneurial backgrounds, including healthcare, financial services, risk management, human resources, legal affairs, and media/marketing development. Pacific6 plans to commit its investment pool towards projects (both for-profit and non-profit) that offer potential to positively impact the people and communities in which they are located — either economically, socially, or both.
Among the first Pacific6 projects was the November 2017 purchase of the Breakers Hotel in Long Beach. The hotel originally opened as a luxury oceanfront resort in 1926. After a financial decline and changes in ownership, the Breakers was acquired by Conrad Hilton in 1938 as the eighth hotel in the Hilton chain. The Breakers was sold again in 1947, changed names and ownership several more times, before being operated as a senior living facility by the most recent owner until 2015.
With the acquisition of the Breakers, Pacific6 intends to fully restore the property through the development of an independent hotel, featuring best-in-class amenities, entertainment, and dining. The preservation and upgrade of the Breakers is a complex project, with a complete timeline still to be finalized; however, financing has been secured, and architectural and construction planning is underway. The historic Sky Room restaurant and Cielo Bar remain open, currently run by the existing operator, with both venues eventually planned to be included in the overall Breakers renovation.
“We are looking forward to working with the City of Long Beach, the Convention and Visitors Bureau, labor partners, and most importantly, the Long Beach community as the rich history of the Breakers is reimagined and revitalized. We hope every resident of and visitor to Long Beach will be proud of this project,” said Pacific6 founding partner John Molina.
Beyond the Breakers hotel acquisition, Pacific6 has project investment plans underway in several industries and opportunities throughout the region, with announcements on the broader project portfolio planned for early 2018.
“We plan to look across a broad spectrum of business opportunities and determine the best fit for our mission and motivation. Our goal at Pacific6 is to utilize the best ideas, resources, people, and practices to create the right environment for sustained success in our community,” added Molina.