Tinder co-founder buys five-star El Encanto resort

Tinder co-founder purchases five-star El Encanto resort in Santa Barbara for $82.2 million.

Tinder co-founder invests in historic El Encanto resort in Santa Barbara

Justin Mateen, co-founder of Tinder, has made headlines with the $82.2 million purchase of the five-star El Encanto resort in Santa Barbara. This historic hotel has welcomed Hollywood stars for over a century and features rooms that exceed $1,000 per night. Mateen, along with his brother Tyler and their firm, Culver Capital, plans to invest an additional $40 million into renovations. The resort, which boasts stunning views of the Pacific and lush gardens, will continue to operate through the renovations projected to take three years. The Mateens have been on a buying spree in Southern California, indicating a strong belief in the region’s future despite current market challenges.

Mateen’s acquisition of El Encanto reflects a larger trend among investors returning to high-value real estate in Southern California. Amidst rising interest rates and a cooling market, high-profile buyers see potential in premium locations that may be difficult to develop further. The decision to maintain the hotel as a boutique property suggests a shift towards personalized guest experiences, capturing its rich history while aiming to attract a modern clientele. With renovations focused on creating a unique offering, the Mateens aim to carve out a distinct identity for El Encanto that could set a new standard in luxury hospitality.

Highlights

The El Encanto’s future under Mateen's vision may redefine luxury in Santa Barbara.