The 2014 Amgen Tour of California, the largest cycling race in the U.S., will visit four cities in the Tri-Counties in May. The eight-day annual event will roll through Cambria, Pismo Beach and Santa Barbara before concluding at the finish line in Thousand Oaks.
Montecito hotel magnate Pat Nesbitt could lose as many as half of his Embassy Suites properties under a recently approved bankruptcy reorganization plan.
Nesbitt and his company, Windsor Capital Group, parked a portfolio of eight Embassy Suites hotels in Chapter 11 bankruptcy, listing more than $100 million in debts, after being unable to work out a deal with his servicer, New York-based Torchlight Investors. Nesbitt’s Embassy Suites properties in Lompoc and San Luis Obispo were not involved in the case.
Court documents filed in U.S. Bankruptcy Court in Santa Barbara indicate the eight hotels in the bankruptcy are now slated to go to the auction block.
“We were drawn [to the property] by the proximity to the Amtrak station and lower State Street, but really the hostel is in its own class for budget-savvy kinds of travelers and international students,” said Jared Filippone, a vice president with Capitoline Properties, which recently purchased the hostel.
Gov. Jerry Brown vetoed a bill supported by Thousand Oaks-based Amgen and other biotechnology companies that would have made it more difficult for pharmacists to dispense so-called biosimilars, the biotech industry’s analogue to generic pharmaceuticals.
Senate Bill 598, approved by both houses of the legislature, looked mostly like a procedural change to state’s pharmacy laws. If it passed, the bill would have allowed pharmacists to fill prescriptions with biosimilars that the U.S. Food and Drug Administration deems “interchangeable” with brand-name counterparts.
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Foley launched the Food & Wine Society to take advantage of his diverse holdings in vineyards, wineries, vacation properties in Montana and his investment as a minority owner of Pacific Hospitality Group, which bought Bacara in February for an estimated $150 million to $180 million.
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