The UC’s investment arm has bought the Ritz-Carlton in Half Moon Bay for $193 million, adding to its $236 billion investment portfolio, according to the San Francisco Chronicle.

The luxury hotel, located off a coastal bluff in Northern California, has 261 rooms and spans about 35,000 square feet. Regency Half Moon Bay LLC – a purchasing entity affiliated with the UC – bought the property, with its address listed as the University’s Oakland headquarters, according to San Mateo County records and CoStar, which first reported on the acquisition.

The UC’s purchase comes after recent financial disputes between Strategic Hotels & Resorts – the previous property owner of the Ritz-Carlton – and the city of Half Moon Bay over more than $2 million in unpaid taxes, penalties and interest, city council members said at a Sept. 22 meeting.

UC Investments declined to comment on the sale and what it plans to do with the property. Ritz-Carlton management did not immediately respond to a request for comment on the sale.

The Office of the Chief Investment Officer oversees UC Investments’ portfolio, which includes endowment funds, cash assets and the University’s retirement fund. The Chief Investment Officer, Jagdeep Singh Bachher, has independent investment authority, meaning the UC Board of Regents does not approve real estate deals.

The sale of the Ritz-Carlton comes after a series of recent real estate acquisitions by the UC, including at least 15 commercial properties in Westwood Village.

[Related: UC’s Westwood purchases incite questions, excitement]

Several Westwood businesses, including Corner Bakery Cafe and clothing store Urban Outfitters, have shuttered in the past few weeks after UC Investments purchased the properties where the businesses were located. However, like the Ritz-Carlton sale, the UC has released few details on the acquisitions and denied the Daily Bruin’s requests for comment.