Image from the El Encanto resort in Santa Barbara, a Hollywood getaway for more than a century where rooms cost more than $1,000 a night. — Photo by Mike Kelley

The five-star El Encanto resort in Santa Barbara, a Hollywood getaway for more than a century where rooms cost north of $1,000 a night, has been sold to Tinder co-founder Justin Mateen for $82.2 million.

Mateen bought the historic hotel in one of the city’s exclusive hillside neighborhoods with his brother Tyler and Culver Capital.

The 7-acre estate with terraced gardens and views of the Pacific Ocean was purchased from Belmond, the hospitality brand owned by luxury retailer LVMH, marking the sale of LVMH’s only hotel in the United States.

The new owners plan to spend as much as $40 million to upgrade the 90-room resort that once boasted Old Hollywood guests including Clark Gable, Hedy Lamarr and Carole Lombard.

It has a lot of California’s rich history and could be one of the nicest hotels in the U.S., Mateen said. The bones and the structure are irreplaceable.

Read the full article at Los Angeles Times

Real Estate & InvestmentPartnerships, Mergers & AcquisitionsSanta BarbaraCaliforniaUnited States