LVMH to sell El Encanto Hotel in Santa Barbara 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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
2 hours ago
- The Guardian
Australian government ‘urgently seeking more detail' after Trump flags 200% tariffs on foreign pharmaceuticals
Labor is making urgent representations to the White House about Donald Trump's threat to impose 200% tariffs on drug imports to the US, an announcement Jim Chalmers says is very concerning for the Australian economy. The US president said on Wednesday that the punishing new border levies would come with a transition period that could last more at least a year, after sustained pressure from the US pharmaceutical industry over price controls on common drugs in countries like Australia. 'We'll be announcing something very soon on pharmaceuticals,' Trump said. 'We're going to give people about a year, year and a half to come in, and after that they're gonna be tariffed if they have to bring the pharmaceuticals into the country at a very high rate, like 200%.' Sign up for Guardian Australia's breaking news email Trump, who this week delayed the lifting of a pause on his so-called 'retaliatory tariffs' against more than 100 countries until 1 August, also announced a plan to hit copper imports into the US with a 50% tariff. Australia's copper exports to the US are worth about $50m annually and make up less than 1% of total sales of the metal. But Australia exports about $2.5bn in pharmaceutical (mainly vaccines and blood products) as well as healthcare products to the US each year – a share of about 40% of medicines exports across the globe annually. This week Guardian Australia reported some of the most influential lobby groups in Washington were pushing the US to retaliate against Australia's treatment of US exporters under the $18bn pharmaceutical benefits scheme, pointing to drug approvals and domestic manufacturing incentives as proof of unfair 'freeloading'. The PBS keeps prices for nearly 1,000 commonly used medicines capped, with supply deals negotiated with drug companies to ensure access to life-saving drugs. The treasurer said the plan to impose tariffs on foreign pharmaceuticals and copper were 'very concerning developments'. 'Our pharmaceuticals industry is much more exposed to the US market, and that's why we're seeking, urgently seeking, some more detail on what's been announced,' Chalmers told ABC radio. 'But I want to make it really clear once again, as we have on a number of occasions before, our pharmaceutical benefits scheme is not something that [we are] willing to trade away.' Lobby groups including the US Chamber of Commerce and the Pharmaceutical Research and Manufacturers of America have told the US trade representative, Jamieson Greer, that the system is discriminatory and 'socialised medicine'. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Chalmers said growing global trade tensions linked to Trump's unpredictable and expanding tariff regime were a 'substantial concern' to Australia. 'It does pose a risk to the progress that the world has been making in our economies after Covid,' he said. 'We've made it really clear on a number of occasions, these tariffs are bad for Australia. They're bad for the US. They're bad for the global economy. 'These developments, they are sometimes unpredictable. There's been an element of volatility and uncertainty injected into the global economy.' Trump this week sent letters of demand to 14 US trading partners, including Japan and South Korea, warning them of the 1 August deadline. Australia had not received a letter as of Wednesday, though Trump flagged then that additional letters would be sent in the next 'short period of time'. 'As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025,' he said. 'There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!' The US commerce secretary, Howard Lutnick, told CNBC he expected the copper tariffs to be put into place as soon as the end of July or sometime in early August.
Daily Mail
3 hours ago
- Daily Mail
Trump threatens tariffs on Australian pharmaceutical exports
President Donald Trump has threatened to slap 200 per cent tariffs on one of Australia's biggest exports to the US. Ahead of a US cabinet meeting later today, Trump suggested the huge tariff hike on imported pharmaceutical products will be in place by the end of next year. Australia exported $2.1 billion of pharmaceuticals to the US in 2024, according to the Australian Bureau of Statistics. Trump assured that drug manufacturers will be given 'about a year, year and a half' to relocate to the US in a bid to escape the tariff. 'They're going to be tariffs at a very high rate,' he told reporters. 'We'll give them a certain period of time to get their act together.' Federal Treasurer Jim Chalmers said the Australian government is urgently seeking more details on the 'concerning development.' 'Our pharmaceuticals industry is much more exposed to the US market, and that's why we're seeking, urgently seeking, some more detail on what's been announced,' he told ABC Radio National on Wednesday morning. 'But I want to make it really clear once again, as we have on a number of occasions before, our Pharmaceutical Benefits Scheme is not something [we are] willing to trade away. They're obviously very concerning developments. We are talking about billions of dollars of exports to the US when it comes to pharmaceuticals.' Commerce Secretary Howard Lutnick later insisted a final decision on pharmaceutical tariffs had not yet been made and his department's review into the imports wouldn't be completed until later this month. 'The president will then set his policies,' Lutnick told CNBC. 'And I'm going to let him wait to decide how he's going to do it. He said, "If you don't build in America, they're going to be a high rate." But he may consider that if you're building in America, to give you the time to build … and then the tariff will be much higher.'
Daily Mail
4 hours ago
- Daily Mail
Trump threatens 200 per cent tariff on major Australian export- what you need to know
President Donald Trump has threatened to slap 200 per cent tariffs on one of Australia's biggest exports to the US. Trump hinted at the whopping tariff hike on pharmaceuticals ahead of a US cabinet meeting on Tuesday local time. Australia exported $2.1billion in pharmaceutical products to the US in 2024, according to the Australian Bureau of Statistics. Copper is also expected to be subject to a 50 per cent tariff, which is also a big Australian export. Trump assured that drug manufacturers will be given time to adapt in a bid to dodge the tax. 'They're going to be tariffs at very high rate,' he told reporters. 'We'll give them a certain period of time to get their act together.'
