Notable hotel activity is happening in the market in southern Santa Barbara County.
A boutique hotel in Santa Barbara — listed at $19.35 million — generated more than 10 offers and recently closed in only 45 days to an all-cash buyer, according to Radius Commercial Real Estate.
the 41-room Hotel Indigo (now Riviera Beach House) on lower State Street sold to an investor who plans to continue to operate it as an independent or branded hotel, Radius said in a news release announcing the sale.
Parker, who led the sale, said he thinks “as we continue to experience a resurgence in South Coast tourism following a rough 18-plus months due to the pandemic, we’re going to see more and more activity and interest in local hotel assets.”
The sale comes in the wake of another major hotel deal last year, in which Herlihy and Parker represented the seller of the 121-room Hotel Californian on lower State Street, just steps away from the Hotel Indigo. The luxurious Hotel Californian sold in September to Foley Entertainment Group, founded by Las Vegas Golden Knights hockey owner and Santa Barbara County wine magnate Bill Foley.
“It is a testament to the strength of this market when we’re talking about two prominent hotels practically on the same block closing within just a few months of each other,” said Herlihy, who also noted the listing of the Franciscan Inn & Suites on Bath Street, just a few blocks away, which Radius has on the market for $22 million.
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