El Encanto hotel in Santa Barbara has been sold for $82.2 million to Justin Mateen, a co-founder of Tinder. Along with his brother Tyler and Culver Capital, they view the acquisition as a significant investment in the luxury hospitality market. Additionally, $40 million will be allocated for renovations. Known for its Spanish Colonial Revival architecture, the hotel has garnered attention from historic celebrities and politicians. Mateen aims to enhance the property’s appeal, citing its irreplaceable structure and rich California history as key assets.
"We look at it as we're buying 20% of the class A luxury hospitality market in Santa Barbara, which we believe is a growing market," Tyler Mateen told Bloomberg.
"It has a lot of California's rich history and could be one of the nicest hotels in the U.S.," he said. "The bones and the structure are irreplaceable."
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