California college system drops $193M on sprawling cliffside hotel — as in-state students fork over $50K a year on tuition

Source: New York Post

California students are getting slammed with college bills topping $50,000 a year — while the University of California system is dropping nearly $200 million on a luxury hotel overlooking the Pacific Ocean. UC Investments, the university system’s investment arm, has purchased the Ritz-Carlton in Half Moon Bay for a whopping $193 million, according to a report by Coastside News. The 261-room coastal resort will join UC Investments’ portfolio, which is valued at more than $300 billion and helps fund retirement benefits and pensions for roughly 40,000 university retirees.