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California Beach Hotel to Get $185 Million Luxury Rebuild

Rick Caruso, a Los Angeles shopping-mall developer, plans to spend about $185 million to rebuild a Southern California seaside hotel with a troubled past into a luxury getaway.

The 170-room Miramar Beach Resort and Bungalows in Montecito, near Santa Barbara, will have such amenities as a beach club, spa, restaurants and two swimming pools, said Caruso, founder of closely held developer Caruso Affiliated. The site’s former hotel, known as Miramar by the Sea, has already been razed.