Latest news with #JustinMateen
Daily Mail
3 days ago
- Entertainment
- Daily Mail
Tinder co-founder continues to build his empire as he splashes $120million on new project
The founder of Tinder has moved away from the apps and on to building a Southern-California real estate empire. Justin Mateen purchased a luxury five star resort in Santa Barbara, California for $82.2 million and intends on making major changes, in his latest real estate venture. El Encanto looks over the Pacific Ocean and charges guests over $1,000 a night for a luxury experience in one of its 92 rooms across the seven acre estate. It boasts a 'serene and quiet' atmosphere situated on the Riviera, Forbes called it 'an elegant Santa Barbara hideaway'. Guests can enjoy sweeping views from an array of Riviera-inspired bungalows and villas. Mateen purchased the hotel from Belmond, the hospitality company of retailer LVMH. El Encanto was their only hotel in the United States. He embarked on this project alongside his brother Tyler Mateen and Culver Capital, an investment banking and business consulting firm. For Mateen, this hotel is a long-term project. He told LA Times he hoped to do $40 million in renovations and restore the hotel to its former glory. 'It has a lot of California's rich history and could be one of the nicest hotels in the U.S.,' he said. 'The bones and the structure are irreplaceable.' He told Robb Report: '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.' The property was originally purchased in the 1870s and became a hotel in 1918. It has been visited by many of Old Hollywood's dazzling elites like Clark Gable and Carole Lombard. Even 100 years later, the glamourous hotel continues to serve stars like Gwen Stefani, Barbra Streisand and Leonardo DiCaprio. The hotel will remain open during renovations, which are set to take approximately three years. The first order of business is a complete makeover of the grounds with the help of LA architect Mark Rios. The plan is to turn the property into a 'mystical garden'. They also plan on replacing a few of the rooms with coffee shops and membership clubs, but want to keep its original character and charm. Over the past few years, the brothers have been dedicated to purchasing high-profile real estate properties in Southern California. The area's real estate scene is notoriously difficult to break into, but Mateen seems to have had no problem building his empire. The Mateen brothers plan to spend $40 million on renovations of El Encanto, starting with the hotel's grounds. Plus Development's Tyrone McKillen is leading design and development on the hotel In June, the duo spent $69 million on a retail property near the famous TCL Chinese theater on Hollywood Boulevard. They acquired the Hollywood Galaxy shopping center and the historic Peterson building which sits next door and once housed a Cadillac dealership. In 2024, in partnership with Pouya Abdi, the brothers spent millions on a five-story office building called the Wilshire Rodeo Plaza in LA, which they hoped to fill with retailers and a roof-top restaurant. The same year, the brothers acquired HHLA entertainment center in Westchester near Playa Vista. They're refurbishing it to house the immersive entertainment company Meow Wolf, among other retail tenants. Mateen and his brother are strategically spending money on their hometown of Los Angeles. The commercial real estate market in the region is currently on a down swing, but the brothers are confident their investments will pay off when it bounces back in the next few years. El Encanto is just one of their many ventures that will help transform their beloved hometown. Under its new leadership, the hotel will operate as a boutique, untethered by any hospitality chain or company. Tyler Mateen said: 'We want to control what's on the menu and how the staff are working.' With hotel sales on the decline in California, coastal properties are looking to sell to affluent buyers who intend on hanging onto the hotel for years to come. That makes the Mateens' $120 million total investment worthwhile. Justin Mateen said the resort 'is something that we're going to hold in our families forever'.
Yahoo
09-07-2025
- Business
- Yahoo
LVMH sells only US hotel to Tinder founder for $900K per key
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. French luxury fashion conglomerate LVMH Moët Hennessy Louis Vuitton has sold its only U.S. hotel property for more than $900,000 per key. Parent company of prominent brands Christian Dior, Louis Vuitton, Fendi and others, LVMH has offloaded the historic El Encanto Hotel in Santa Barbara, California, according to a release obtained by Hotel Dive. Founder of online dating app Tinder Justin Mateen and his brother, Tyler Mateen, in partnership with Culver Capital, acquired the 90-room luxury hotel for $82.2 million. The hotel has been part of the LVMH portfolio since 2018 when the company acquired the property's then-owner, luxury travel firm Belmond. The $2.6 billion deal added 46 hotel, rail and river cruise experiences in 24 countries to the luxury giant's portfolio, Retail Dive previously reported. Now, seven years later, the Mateen brothers are bringing the hotel under the Leading Hotels of the World portfolio, per the release. The brothers will also pour up to $40 million into improvements at the 1918-opened El Encanto, they shared with Hotel Dive. 'We will bring its rich history and timeless allure to the forefront of every aspect of the guest experience,' Tyler Mateen said in a statement. The new owners plan to upgrade everything from the property's spa offerings to its culinary concepts and garden landscaping. The updates will be introduced gradually, and the hotel will remain open during the transition, according to the owners. Local developer Tyrone McKillen will oversee the design and construction management for the improvements, while international landscape architect Mark Rios will head the landscape architecture updates. The transaction represents the Mateen brothers' first hotel acquisition, though they are limited partners in other real estate holdings, they shared. California has the largest GDP in the country, and the fourth-largest in the world, making it a desirable market to invest in, the brothers told Hotel Dive. LVMH could not be reached for comment on the sale. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Fashion United
08-07-2025
- Business
- Fashion United
LVMH to sell El Encanto Hotel in Santa Barbara for 82.2 million dollars
French luxury conglomerate LVMH is selling its sole hotel in the United States, the El Encanto in Santa Barbara, California, to a partnership consisting of Tinder co-founder Justin Mateen, his brother Justine Mateen, and Culver Capital for 82.2 million dollars. The hotel, which consists of 90 rooms, is located in a popular coastal vacation area northwest of Los Angeles and sits on a 7-acre estate, complete with terraced gardens and views of the ocean. The sale, which sees the hotel transfer ownership from Belmond, the hospitality brand owned by LVMH, means El Encanto will no longer be part of the Belmond chain. The new owners reportedly aim to manage the hotel themselves, as the Marteens aim to acquire a large share of the luxury hospitality market in Santa Barbara. 'We look at it as we're buying 20 percent of the class A luxury hospitality market in Santa Barbara, which we believe is a growing market,' Tyler Mateen said in an interview Monday. The new owners plan to invest upwards of 40 million US dollars in upgrading the hotel, according to a report from the Los Angeles Times. 'It has a lot of California's rich history and could be one of the nicest hotels in the US,' said Mateen in the report. 'The bones and the structure are irreplaceable.' The Mateen brothers currently hold a growing portfolio of real estate and technology investments, which includes a shopping center on Hollywood Boulevard, acquired just last month for 69 million US dollars, and an office and retail complex on Rodeo Drive in Beverly Hills, purchased last year for 211 million US dollars.
Associated Press
08-07-2025
- Business
- Associated Press
Justin Mateen, Tyler Mateen and Cayton Family Acquire Historic El Encanto Hotel
SANTA BARBARA, Calif., July 08, 2025 (GLOBE NEWSWIRE) -- Justin Mateen and Tyler Mateen, in partnership with the Cayton family's Culver Capital, represented by principal Garrett Cayton, have acquired the legendary El Encanto Hotel in Santa Barbara. The iconic estate was purchased for $82.2 million from Belmond, the luxury hospitality brand owned by LVMH, marking the sale of LVMH'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, offering sweeping views of the Pacific and unmatched historical charm. 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.' '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.' El Encanto, now a member of the prestigious Leading Hotels of the World portfolio, will remain open year-round during the transition, offering uninterrupted guest services. The hotel's celebrated hospitality will be further elevated through several key areas. 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. These updates will be introduced gradually and thoughtfully to preserve the current guest experience. Garrett Cayton of Culver Capital, and the co-owner of The Discerning Travellers luxury travel agency, added, 'I have brought travelers to and visited the greatest hotels in the world. Very few possess the authenticity and rich history of El Encanto. This property embodies the essence of California living and offers an experience like no other hotel on the Central Coast.' 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. The Mateen Brothers and the Cayton family share a deep appreciation for El Encanto's legacy. They are united in their commitment to preserving the hotel as a soulful, locally operated landmark that reflects the character and beauty of Santa Barbara. The acquisition was completed with legal counsel provided by Matthew E. Wolf, Esq. of Wolf, Rifkin, Shapiro, Schulman & Rabkin, LLP. For more information and to book reservations, please visit About El Encanto Located in the hills of Santa Barbara's American Riviera, El Encanto is the city's most iconic luxury hideaway. A member of Leading Hotels of the World and managed by Rebel Hotel Company, the Forbes Five-Star retreat offers 90 individually styled California bungalows and suites set across seven acres of terraced gardens with panoramic views of the Pacific Ocean. Guests enjoy a zero-edge outdoor pool, boutique spa, and access to bicycles, fitness classes, and wellness amenities. El Encanto's signature restaurant, The Dining Room and Terrace, features fresh, seasonal cuisine inspired by the Central Coast and served with sweeping ocean views. Additional offerings include a private Wine Room for intimate events, in-room dining, and live music experiences. The property also boasts nearly 10,000 square feet of indoor and outdoor event space, ideal for weddings, social gatherings, and executive retreats. Pet-friendly, ADA accessible, and minutes from downtown Santa Barbara, El Encanto remains a serene and storied escape for both visitors and locals. For more information or reservations, visit MEDIA CONTACTS: Magrino PR Elyse Eisen [email protected] Miller Ink Nate Miller [email protected]
Bloomberg
07-07-2025
- Business
- Bloomberg
LVMH to Sell Santa Barbara's El Encanto Hotel for $82.2 Million
French luxury giant LVMH Moët Hennessey Louis Vuitton SE is selling its only US hotel, the El Encanto in Santa Barbara, California. The 90-room property — in a coastal getaway northwest of Los Angeles — is being purchased by a partnership of brothers Justin and Tyler Mateen and Culver Capital, according to representatives for the buyers. The price is $82.2 million, they said.
