FINANCE
Irvine-based Sunwest Bank elevated Carson Lappetito from chief operating officer to president. Lappetito, 31, joined Sunwest as COO in 2015 and has been “a key driver” behind recent growth of 25% in assets and 60% in annual earnings, it said.
— Peter J. Brennan
HEALTHCARE
Endologix Inc. Chief Executive John McDermott resigned. He’s been CEO since 2008; the company said he’ll stay on until the position is filled. McDermott cited Endologix’ vision and product pipeline as elements that will overcome its recent woes. The Irvine-based company develops treatments such as stent grafts for aortic disorders.
— Paul Hughes
Nemus Bioscience Inc. received a $1.75 million private placement from majority shareholder Emerald Health Sciences Inc. and other investors. It’s developing regulatory-approved, cannabinoid- based drugs to treat diseases. Emerald bought 15 million shares of common stock and warrants to purchase 20.4 million additional shares at 10 cents a share. Proceeds go to working capital, to “explore potential strategic opportunities which could possibly include a recapitalization plan,” and uplisting Nemus shares, which currently trade on the over-the-counter bulletin board. Emerald directors Punit Dhillon and Jim Heppell joined Murphy as Nemus directors.
— Sherry Hsieh
HOSPITALITY
Laguna Riviera Beach Resort sold for $21 million, according to title transfers and CoStar Group information, or $512,000 per key for its 41 rooms. The hotel is on Coast Highway a quarter-mile from Pacific Edge Hotel, which sold in June for $57 million, $526,000 per room.
— Paul Hughes
A long-rumored Montage Hotels & Resorts property in wine country gets under way this spring for a scheduled 2020 opening. Parent company Montage International plans to add to its portfolio Montage Healdsburg, a 258-acre project in Sonoma County owned by Ohana Real Estate Investors LLC. The property will be developed by Robert Green Co.
— Paul Hughes
Renaissance Hotel Newport Beach debuted last week, though the entire $30 million renovation isn’t scheduled to finish until spring. It was most recently the Duke, a transitional name between the former Fairmont Newport Beach and the new name. Aliso Viejo-based Sunstone Hotel Investors Inc. sold it last year for $125 million, or about $282,000 per key for the 444-room hotel a few blocks from John Wayne Airport. The buyer was undisclosed but is headquartered in China.
— Paul Hughes
RESTAURANTS
Taco Bell sales rose 5% last year to $9.8 billion, making it the fourth-largest U.S. restaurant brand by that metric, according to early numbers from Chicago-based food industry consultant Technomic Inc. Taco Bell passed Burger King, last year’s No. 4, which grew 1.5% last year to $9.3 billion. The top three brands are McDonald’s at $37.5 billion, Starbucks at $18.4 billion and Subway at $10.8 billion in systemwide sales. Taco Bell surpassed Burger King on the strength of new, low-priced menu items. Burger King faces heavier competition from a renewed strength at McDonald’s and from better-burger chains, including Irvine-based Habit Restaurants Inc.
— Paul Hughes
RETAIL
Luxury goods distributor MadaLuxe Group in Seal Beach promoted Adam Freede from president to chief executive. Sandy Sholl, MadaLuxe’s former chief executive and Freede’s mother, now serves as executive chairwoman but continues to oversee retail, e-commerce and marketing. The company also plans to open a second off-price luxury boutique in San Clemente in April. It expanded into retail in December with the opening of its first boutique at Citadel Outlets in Commerce. The firm will also open a New York showroom this spring. It specializes in the wholesale distribution of luxury apparel and accessories to off-price retailers, and luxury timepieces to regularly-priced stores in North America.
— Subrina Hudson
SERVICES
ShiftPixy Inc. named Patrice Launay chief financial officer last month, replacing Stephen DeSantis, who resigned in October and has been CFO at online mortgage origination software maker Cloudvirga in Irvine since November. Launay worked most recently at RxSight Inc. in Aliso Viejo, which makes an intraocular lens that can be adjusted after surgical implantation. Irvine-based ShiftPixy provides temporary and short-notice shift workers to the restaurant and hospitality industries via an online platform and a smartphone app.
— Paul Hughes
