published a notice<\/a> of its intent to auction off Breakers Mezz I\u2019s shares of Breakers Development. The auction date was set for Sept. 26 and the shares were to be purchased in bulk to the highest bidder, according to the notice.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2025\/11\/Screenshot-2025-10-04-at-11.49.36---AM.png\")
A screenshot of the notice published by X-Caliber in September.<\/p>\n
\u201cWe\u2019ve been trying to talk to the lender about avoiding this and, for whatever reason, they put this auction sale out there before we knew it was coming,\u201d Molina said.<\/p>\n
On Oct. 2, Breakers Mezz I voluntarily filed for Chapter 11 bankruptcy protection. A judge ultimately ruled in favor of the company, effectively barring the sale by X-Caliber, Molina told the Watchdog.<\/p>\n
\u201cWe\u2019re not down in the dumps, it\u2019s now \u2018oh geez, poor us,\u2019 it\u2019s a finance tool that we had to use in order to get some more time to refi the thing,\u201d Pacific6 co-founder Todd Lemmis said in an interview.<\/p>\n
X-Caliber declined to comment on the ruling or broader situation.<\/p>\n
By refinancing the existing loan, Lemmis said the company will be able to repay X-Caliber and reset its repayment timetable with a new creditor.<\/p>\n
Molina noted that it typically takes hotels a few years to build up to \u201cstabilization.\u201d The extended delay in reopening the hotel has slowed that ramp up, he said, noting that Fairmont, \u201cunderstandably,\u201d did not pre-book events and rooms for fear of having to cancel if further delays arose.<\/p>\n
\u201cSo it pushed the ramp up back a couple of months,\u201d Molina said. \u201cBut we\u2019re happy to report the ramp up is going very, very well right now: For the next 70 days we\u2019re at about 75% occupancy, the restaurants are buzzing, the jazz club is doing well \u2014 people are really enjoying the hotel.\u201d<\/p>\n
The Breakers is one of the oldest buildings in Long Beach, with the original hotel opening in 1926. Until it closed in 1988, the hotel was host to countless guests, including stars such as John Wayne, Clark Gable, Carry Grant and Elizabeth Taylor. From 1990 to 2015, the building operated as an assisted living community.<\/p>\n
\u201cWe all bought into John\u2019s dream,\u201d Lemmis said of Pacific6\u2019s decision to purchase the building eight years ago. \u201cJohn was chasing the Breakers for 12 years before we actually purchased it. He saw this thing crumbling \u2026 and realized that this was the last chance this building had.\u201d<\/p>\n
\u201cWhen we started the whole endeavor, it was in part to have a community benefit,\u201d Molina added. \u201cAnd I think the community continues to benefit from having a very instinctive hotel. We\u2019re confident we\u2019ll come out the other side.\u201d<\/p>\n
We need your support.<\/p>\n
Subcribe to the Watchdog today.<\/p>\n
The Long Beach Watchdog is owned by journalists, and paid for by readers like you. If independent, local reporting like the story you just read is important to you, support our work by becoming a subscriber.<\/p>\n","protected":false},"excerpt":{"rendered":"Become a Watchdog today. Sign up to get the latest from Long Beach’s independent, journalist-owned newsroom in your…\n","protected":false},"author":2,"featured_media":47604,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[131,133,132],"class_list":["post-47603","post","type-post","status-publish","format-standard","has-post-thumbnail","category-long-beach","tag-long-beach","tag-long-beach-headlines","tag-long-beach-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/47603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=47603"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/47603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/47604"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=47603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=47603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=47603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}