Colliers is pleased to announce the sale of the Franciscan Inn & Suites, a 53-room boutique hotel located in the heart of Santa Barbara’s highly sought-after West Beach district. Local developer Ed St. George, sold the inn to Warren Resort Hotels, a family-owned hotel ownership and management company, for $22,500,000.
St. George purchased the Franciscan in 2022 for $21,000,000. The current sale price represents $424,528/key, and just under a 4% CAP on current income.
The transaction underscores renewed investor confidence in premium coastal hospitality assets and highlights continued demand for well-located, experiential lodging properties along California’s Central Coast…