Santa Barbara’s El Encanto Hotel sells for $82.2M to Tinder co-founder
Santa Barbara’s five-star gem El Encanto Hotel is under new ownership after Justin Mateen, Tyler Mateen and the Cayton family combined to purchase the historic estate for $82.2 million.
Announced July 8, the Mateen’s and Culver Capital, which is represented by principal Garrett Cayton, purchased El Encanto from Belmond, a luxury hospitality brand owned by LVMH. LVMH is a French multinational holding company and conglomerate that specializes in luxury goods. El Encanto was the brand’s only hotel in the United States.
Originally opened in 1918, El Encanto is a 90-room luxury retreat perched in the Santa Barbara hills at 800 Alvarado Place. According to the press release, the new ownership group plans to “thoughtfully enhance the storied property with a distinctly local and personal touch, ensuring a seamless guest experience throughout the transition.”
“El Encanto has an authentic heart and soul unlike any property I’ve visited in California,” said Tyler Mateen.
“We will bring its rich history and timeless allure to the forefront of every aspect of the guest experience.”
Tyler’s brother, Justin, is the co-founder of the dating app Tinder, which was valued at $42 billion by Morgan Stanley in 2021. Justin left the company in 2014.
“The beauty of the American Riviera rivals the best coastlines in Europe but is less than 90 minutes from Los Angeles and just a direct flight from many major U.S. cities,” said Justin Mateen.
“El Encanto was the exclusive hideout during the golden era of Old Hollywood. We will be pouring love and resources into this iconic property to continue that legacy and ensure that it remains a top destination for visitors from around the world and down the block.”
Mateen intends to put $40 million in renovations into the seven-acre property and 90-room resort on the Riviera over the next three years and will remain in operation during the transitions.
These enhancements will “span every aspect of the property,” from bungalows and spa offerings to culinary concepts and garden landscaping, blending old-world elegance with modern hospitality, the press release read.
This purchase is also nothing new for the Mateens. According to the LA Times, the Mateens have been on an investment spree in Southern California, purchasing locations where it’s hard to develop new projects.
The pair paid $69 million for retail property near the legendary TCL Chinese Theatre on Hollywood Boulevard. The two believe the region to bounce back in the years ahead, the LA Times reported.
Garrett Cayton of Culver Capital, and the co-owner of The Discerning Travellers luxury travel agency, said that the property of El Encanto “embodies the essence of California living and offers an experience like no other hotel on the Central Coast.”
“I have brought travelers to and visited the greatest hotels in the world. Very few possess the authenticity and rich history of El Encanto,” he said.
Santa Barbara construction leaders will also play a role in the redevelopment of El Encanto.
Tyrone McKillen, a Santa Barbara-based developer with extensive experience in luxury hospitality, has joined the team overseeing design and construction management.
As a partner in the project, McKillen will oversee on-the-ground efforts, ensuring any updates reflect both the property’s history and its local context. Internationally renowned landscape architect Mark Rios will be spearheading the landscape architecture updates to the property, according to the press release.
The acquisition was completed with legal counsel provided by Matthew E. Wolf, Esq. of Wolf, Rifkin, Shapiro, Schulman & Rabkin, LLP.
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