Tinder co-founder continues to build his empire with $120M project

Daily Mail​

3 days ago

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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.
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 glamorous 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. In June, the duo spent $69 million on a retail property near the famous TCL Chinese Theatre 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 rooftop 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 downswing, 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.' Daily Mail reached out to Justin Mateen for comment.