India, Nov. 7 -- The University of California's investment arm has purchased the Ritz-Carlton Hotel in Half Moon Bay for $193 million. This marks a addition in the trend of major real estate acquisition by a US higher education institutions. The purchase was confirmed by the San Mateo County Assessor's Office after the sale was completed in recent days, according to Coastside News.

University officials have not publicly revealed their plans for the luxury coastal property or explained how it will be managed. The acquisition comes after the Half Moon Bay City Council rejected a request from the hotel's previous owner, Strategic Hotels and Resorts or a related entity, for relief from a $2.1 million overdue hotel occupancy tax bill.

The UC...