Goodland Hotel in Goleta sold for $41 million
The Goodland Hotel in Goleta was sold to KHP Capital Partners for $40.9 million in September, property records show.
The 158-room lodge was developed by Makar Properties, a privately owned real estate development company based in Newport Beach. Makar acquired the former Holiday Inn in June 2013 for $24 million and opened as The Goodland in October 2014.
Makar revamped the 46-year-old hotel by adding a spa, fitness studio and more than 4,500 square feet of indoor meeting space as well as pre-function space and an event lawn for weddings, musical performances and other social events.
“After living in Santa Barbara during college at UCSB, I knew there was a need for an experiential hotel that reflected the unique, incredibly fun culture and beach vibe of the Central Coast,” said Paul Makarechian, CEO of Makar Properties, in a news release. “We are passionate, hands on investors, and are proud to have cultivated The Goodland from concept to development, opening to sale. We look forward to watching the unique brand we created expand under KHP stewardship.”
KHP was formed after United Kingdom-based InterContinental Hotels Group closed its acquisition of San Francisco-based Kimpton Hotels & Restaurants in January for $430 million. With Kimpton now in IHG’s portfolio, the combined company has more than 200 open and in development hotels in 19 countries. Already among IHG’s South Coast assets are The Crown Plaza Ventura Beach, Hotel Indigo in Santa Barbara as well as the Canary Hotel.
The Goodland, a boutique restoration of a classic California Holiday Inn, was curated by Makarechian himself. It reflects the area’s storied surf culture in art, music and programming, he said.
“We are excited to have the opportunity to acquire this property and continue the vision of Makar and Kimpton as the property stabilizes and establishes itself in the local market. We are big fans of the Santa Barbara/Goleta area, its high barriers to entry and strong demand characteristics,” said Joe Long, managing partner of KHP Capital Partners, in a news release.
• Contact Alex Kacik at akacik@pacbiztimes.com
