Local Investors Purchase Historic Breakers Hotel
Pacific6, a Long Beach-based partnership that includes former Molina Healthcare CFO John Molina, has purchased the historic Breakers Hotel at 200 E. Ocean Blvd. A spokesperson for Pacific6 said via e-mail late Monday afternoon that the partnership was “formed with the goal of investing in opportunities to enrich and benefit local communities.” The statement continued: “With the acquisition of the Breakers, Pacific6 intends to fully restore the grandeur of the nearly 100-year-old landmark building in Downtown Long Beach, through the development of an independent boutique 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, the purchase has been completed, and architectural and construction planning is underway. Pacific6 looks forward to working with the City of Long Beach, the Convention and Visitors Bureau, labor partners, and most importantly, the Long Beach community and local residents as the rich history of the Breakers is re-imagined and revitalized.”

John Keisler, the city’s director of economic and property development, confirmed that the city was informally notified of the transaction. According to a LoopNet listing of the property last updated in 2016, the Breakers is 134,523 square feet and has 176 rooms. The 1926 building most recently housed a retirement home, which has been closed since 2015. The Sky Room, a top floor restaurant at the building, as well as Cielo, a rooftop bar, remain open. The building was originally a hotel frequented by the famous, including Elizabeth Taylor, Clark Gable and Cary Grant.


MemorialCare And RadNet Announce Joint Venture;

Partnership Includes 34 Imaging Centers

MemorialCare Health System and RadNet, Inc., a national provider of outpatient imaging services, announced a new joint venture today. MemorialCare, a health system with five hospitals and more than 200 care facilities in Southern California, is partnering with RadNet to operate 34 outpatient medical imaging centers in Long Beach, Southern Los Angeles County and Orange County. RadNet is contributing 24 existing outpatient centers in these areas, and MemorialCare is contributing 10. MemorialCare is also purchasing five breast imaging centers from RadNet as part of the agreement. RadNet is responsible for managing the day-to-day operations of the imaging centers.


California Economy Continues Growing,

But Is Constrained By Housing Crisis

A report from the California Chamber of Commerce has found that California achieved full employment this year, and continues to experience job growth. However, job growth has slowed from its clip of about twice the rate of the national average to what is now about the same pace as national growth. Taxable sales and gross domestic product increased during the first quarter of 2017. According to the report, future growth is likely to be constrained by the housing crisis, which is characterized by a low supply of available homes and very high demand, resulting in high rents and list prices of homes. Still, continued economic growth is expected in 2018, with the most significant job gains expected in health care, leisure and hospitality, and construction.


California Home Prices Increase 8.8% Year-Over-Year

In November, California home prices increased by 8.8% compared with the same month a year prior, according to the California Association of Realtors. The statewide median home price in November was $546,820. Total home sales increased by 2.1% from October to November, but decreased by 0.8% compared to last November. The statewide unsold inventory index decreased to 2.9 months in November. Click here to read more.


FDIC Releases History Of Its Response To The Financial Crisis

The Federal Deposit Insurance Corporation has released a report detailing the history of its response to the financial crisis that occurred between 2008 to 2009, and the related banking crisis that took place from 2008 to 2013. According to the report’s overview, the banking crisis “challenged every aspect of the FDIC’s operations, not only because of its severity but also because of the speed with which problems unfolded.” The FDIC was created in 1933, following the Great Depression, “to restore public confidence in the nation’s banking system,” according to an official statement.