The buyer is UC Investments, the university system's Oakland-based investment office, which manages retirement, endowment and other assets. County records identify the purchaser as Regency Half Moon Bay, a limited partnership whose listed address is UC's Oakland headquarters.

UC officials have not disclosed what they intend to do with the property or how it will be managed. Media representatives for the university system did not respond to a request for comment.

The resort, which opened in 2001, includes restaurants, a spa and two golf courses. It is one of Half Moon Bay's largest employers and taxpayers, making the ownership change a significant development for the coastal community's economy.

The sale comes less than a month after the hotel settled a dispute with the city over $2.16 million in unpaid hotel taxes and interest. The dispute involved taxes on resort fees and charges tied to canceled events and room blocks. In September, the Half Moon Bay City Council rejected most of the hotel's appeal, after which the resort paid the bill.

The property had been owned by Strategic Hotels & Resorts, which acquired the hotel in 2004 for about $124.4 million, according to public records. Blackstone, the private equity giant, has previously held an interest in the hotel but was not the immediate seller in this transaction.

The purchase continues UC Investments' recent expansion into Bay Area real estate. Last year, the office paid $175.8 million for the 331-room Residence Inn Berkeley, next to the UC Berkeley campus. University officials said at the time that the hotel would not be converted to student housing.

UC Investments currently manages about $236 billion in retirement, endowment and cash assets, according to the system, and its staff includes more than 60 investment professionals and other employees. In 2023, UC committed $4.5 billion to Blackstone Real Estate Income Trust.

For now, the Ritz-Carlton is expected to continue operating as a luxury resort. But the deal raises questions about the university's growing role as a real estate investor in the region and what that means for local tax rolls, employment and public access to the coastline.

The purchase price represents a discount compared with what the property might have commanded in a stronger market, according to CoStar, which first reported the sale. The resort sits on a prime stretch of coastline that has been the subject of long-running local debates over public access and development.

Half Moon Bay officials did not immediately comment on the sale. The city has previously clashed with the hotel over tax payments, and the new ownership could reset that relationship.

UC Investments' acquisition of the Ritz-Carlton follows a pattern of institutional investors buying up hospitality properties in the Bay Area. But the university's tax-exempt status could have implications for local property tax revenue, though it was not immediately clear how the transaction was structured or whether the property will remain on the tax rolls.

The Ritz-Carlton Half Moon Bay is one of the region's most prominent luxury destinations, drawing visitors from around the world and hosting events and conferences. Its fate under UC ownership will be closely watched by residents, workers and local officials.