Santa Barbara’s El Prado hotel sold
The 68-room El Prado and Days Inn hotel on mid-State Street in Santa Barbara has changed hands. Terms of the deal were not disclosed, but the property was listed at $15.3 million, according to Radius Commercial Real Estate & Investments.
A group of South Coast investors purchased the 1601 State St. property with the intention to continue operating it as a lower-budget hotel within walking distance of downtown Santa Barbara, according to the commercial real estate brokers behind the deal.
“This hotel was purchased based not only on current operating income but also on its size and close proximity to popular restaurants, museums, historic theaters and chic watering holes on the northern end of State Street,” Radius Principal Steve Brown said in a news release.
Brown, along with Radius brokers Austin Herlihy and Chris Parker, represented both buyer and seller in the transactions.
Herlihy noted in a statement that the mid-State Street area has seen an uptick in buyer interest that can be attributed to the under-construction Alma Del Pueblo indoor food market and condominium project on Chapala and Victoria streets, behind the Arlington Theater.