Ty Warner, concerned that he wouldn’t be
able to get a fair shake when the Montecito Association considers
his plans to rebuild the Miramar Hotel, says he’s selling the
seaside resort property.
Warner, stung by renewed criticism from the key advisory body,
will be immediately contacting suitors who in recent months have
expressed interest in buying the Miramar, for which he paid $43
million several years ago, according to Greg Rice, Warner’s
executive vice president.
Ironically, Warner had already prepared plans for a
“family-oriented” hotel as opposed to the five-star “edgy” resort
proposed a few years ago by hotelier Ian Schrager, Rice said.