LVMH Sells El Encanto Hotel in Santa Barbara for $82.2 Million
French luxury conglomerate LVMH is selling its only US hotel, the El Encanto in Santa Barbara, California, for $82.2 million to a partnership led by Justin and Tyler Mateen. The 90-room property is considered a significant purchase in the luxury hospitality market.
French luxury giant LVMH Moët Hennessy Louis Vuitton is selling its only US hotel, the El Encanto in Santa Barbara, California, to a partnership for $82.2 million. The 90-room property, located in a coastal getaway northwest of Los Angeles, is being purchased by brothers Justin and Tyler Mateen and Culver Capital. The sale price per room is about $900,000, which reflects the growing market for luxury hospitality in Santa Barbara.
The Mateen brothers, known for their real estate and technology investments, see this acquisition as a strategic move in the luxury hospitality market. The property will no longer be part of the Belmond chain, as the new owners plan to manage it themselves.