Tinder co-founder continues to build his empire as he splashes $120million on new project

Daily Mail​

2 days ago

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'.