Santa Barbara’s historic El Encanto hotel has been sold in an $82.5 million deal to a group led by Tinder co-founder Justin Mateen, his brother Tyler Mateen, and Garrett Cayton of Culver Capital. The property was acquired from luxury conglomerate LVMH, marking the end of the company’s only U.S.-based hotel.
Highlights
- The new owners plan to spend up to $40 million on property upgrades.
- The 92-room hotel will continue operating but will no longer be affiliated with a major hotel chain.
- Plans include converting select rooms into retail offerings such as a coffee shop and creating a private membership club.
Investors to Pour in $40 Million in Renovating El Encanto
Opened in 1918, El Encanto spans approximately 80,000 square feet at 800 Alvarado Place and has long been considered one of Santa Barbara’s most prestigious luxury hotels. The new ownership group aims to restore the property to place it in league with other high-end local destinations.
Renovations will begin with the hotel’s grounds, which landscape architect Mark Rios is tasked with transforming into what Cayton described as a “mystical garden.” Santa Barbara-based developer Tyrone McKillen has joined the team to oversee design and construction.
Though details on the restaurant’s future remain under wraps, the team is considering replacing some conference room spaces with a private club, signaling a shift toward an exclusive experience…