Latest news with #CulverCity-based
Los Angeles Times
21-07-2025
- Business
- Los Angeles Times
Steric and Simex Partner to Blend Science and Spirits for the Mexican Beverage Industry
Steric's Technology to Be Delivered by Trusted Industrial Leader Simex Culver City-based Steric and Simex (Industrial Systems of Mexico, SA de CV) have announced a strategic partnership to bring Steric's award-winning spirits processing technology to Mexico's rapidly growing tequila and spirits market. This alliance gives Steric direct representation in Guadalajara – Mexico's tequila heartland – while leveraging Simex's deep industry ties and expert sales team to expand access to Steric's additive-free, flavor-enhancing process. 'We saw in Steric a shared commitment to innovation and excellence,' said Carlos Nazario, president of Simex. 'This partnership enables us to offer distillers a transformative solution that elevates product quality without compromising tradition.' Steric's scalable electromagnetic process enhances flavor, aroma and mouthfeel without the use of chemicals or costly methods. Through Simex's established client base, producers across the region can now improve product quality and consistency at scale. 'This is a key step in our global expansion,' said Dan Huntsberger, chief revenue officer at Steric. 'Simex's trusted reputation and regional expertise make them the perfect partner to bring our technology to one of the world's most iconic spirits markets.' Steric is the developer of the Steric Process, a patent-pending, electromagnetic energy-based solution that transforms wine and spirits at the molecular level. Simex provides high-tech process solutions to Mexico's food, beverage and pharmaceutical industries. Information sourced from Steric. To learn more, contact media@
Yahoo
08-07-2025
- Business
- Yahoo
Tinder co-founder buys five-star El Encanto resort in Santa Barbara
The five-star El Encanto resort in Santa Barbara, a Hollywood getaway for more than a century where rooms cost north of $1,000 a night, has been sold to Tinder co-founder Justin Mateen for $82.2 million. Mateen bought the historic hotel in one of the city's exclusive hillside neighborhoods with his brother Tyler and Culver Capital. The 7-acre estate with terraced gardens and views of the Pacific Oceans was purchased from Belmond, the hospitality brand owned by luxury retailer LVMH, marking the sale of LVMH's only hotel in the United States. The new owners plan to spend as much as $40 million to upgrade the 90-room resort that boasts its Old Hollywood guests included Clark Gable, Hedy Lamarr and Carole Lombard. "It has a lot of California's rich history and could be one of the nicest hotels in the U.S.," Mateen said. "The bones and the structure are irreplaceable." The Mateens have been on an investment spree, buying high-profile properties in Southern California locations where it's hard to develop new projects. Last month they paid $69 million for retail property near the legendary TCL Chinese Theatre on Hollywood Boulevard: the Hollywood Galaxy shopping center the the historic Petersen Building next door that was once a Cadillac dealership. Last year the Mateens and their partner Pouya Abdi bought Wilshire Rodeo Plaza, a five-story office building at Wilshire Boulevard and Rodeo Drive in Beverly Hills. They are in the process of signing new retail tenants for the building and planning a rooftop restaurant. Read more: Tinder co-founder buys Walk of Fame property in Hollywood The Mateens also bought the HHLA entertainment center in Westchester near Playa Vista last year and are refurbishing it. Among its new tenants will be Meow Wolf, an immersive entertainment firm. Mateen is known for being a co-founder of popular dating app Tinder but is also a solo venture capitalist through his JAM Fund. He and his brother have a strategy to invest in their hometown of Los Angeles during a cooling commercial real estate market because they expect the region to bounce back in the years ahead. El Encanto will remain open during renovations, which will take about three years during the low seasons for the hotel, the buyers said. First up is a makeover of the grounds overseen by the Los Angeles firm of architect Mark Rios, who is also creating botanical gardens at the $5-billion One Beverly Hills condominium and hotel complex in Beverly Hills. For the grounds at El Encanto, "we want to turn it into a mystical garden," said Garrett Cayton, principal of Culver Capital, the Culver City-based investment office for the Cayton family. The hotel, which opened in 1918, will be operated as a boutique property that will not be affiliated with a hotel chain. "We want to control what's on the menu and how the staff are working," Tyler Mateen said The new owners may replace a few rooms with retail offerings such as a coffee shop and perhaps create a membership club on top of the main building in space now used as a conference room. The El Encanto has a five-star rating from Forbes Travel Guide. Hotel sales in California have slowed in recent months due to high interest rates and "a big disconnect" between buyers' and sellers' price expectations, Newport Beach hospitality consultant Alan Reay said. With institutional investors on the sidelines, upmarket properties in coastal communities where it's difficult to build new hotels are often going to buyers with deep pockets who intend to hold them for many years, Reay said. That's the plan for El Encanto, Justin Mateen said. "We want the experience and end result to be amazing," he said. The resort "is something that we're going to hold in our families forever." Sign up for our Wide Shot newsletter to get the latest entertainment business news, analysis and insights. This story originally appeared in Los Angeles Times. Sign in to access your portfolio
Los Angeles Times
08-07-2025
- Business
- Los Angeles Times
Tinder co-founder buys five-star El Encanto resort in Santa Barbara
The five-star El Encanto resort in Santa Barbara, a Hollywood getaway for more than a century where rooms cost north of $1,000 a night, has been sold to Tinder co-founder Justin Mateen for $82.2 million. Mateen bought the historic hotel in one of the city's exclusive hillside neighborhoods with his brother Tyler and Culver Capital. The 7-acre estate with terraced gardens and views of the Pacific Oceans was purchased from Belmond, the hospitality brand owned by luxury retailer LVMH, marking the sale of LVMH's only hotel in the United States. The new owners plan to spend as much as $40 million to upgrade the 90-room resort that boasts its Old Hollywood guests included Clark Gable, Hedy Lamarr and Carole Lombard. 'It has a lot of California's rich history and could be one of the nicest hotels in the U.S.,' Mateen said. 'The bones and the structure are irreplaceable.' The Mateens have been on an investment spree, buying high-profile properties in Southern California locations where it's hard to develop new projects. Last month they paid $69 million for retail property near the legendary TCL Chinese Theatre on Hollywood Boulevard: the Hollywood Galaxy shopping center the the historic Petersen Building next door that was once a Cadillac dealership. Last year the Mateens and their partner Pouya Abdi bought Wilshire Rodeo Plaza, a five-story office building at Wilshire Boulevard and Rodeo Drive in Beverly Hills. They are in the process of signing new retail tenants for the building and planning a rooftop restaurant. The Mateens also bought the HHLA entertainment center in Westchester near Playa Vista last year and are refurbishing it. Among its new tenants will be Meow Wolf, an immersive entertainment firm. Mateen is known for being a co-founder of popular dating app Tinder but is also a solo venture capitalist through his JAM Fund. He and his brother have a strategy to invest in their hometown of Los Angeles during a cooling commercial real estate market because they expect the region to bounce back in the years ahead. El Encanto will remain open during renovations, which will take about three years during the low seasons for the hotel, the buyers said. First up is a makeover of the grounds overseen by the Los Angeles firm of architect Mark Rios, who is also creating botanical gardens at the $5-billion One Beverly Hills condominium and hotel complex in Beverly Hills. For the grounds at El Encanto, 'we want to turn it into a mystical garden,' said Garrett Cayton, principal of Culver Capital, the Culver City-based investment office for the Cayton family. The hotel, which opened in 1918, will be operated as a boutique property that will not be affiliated with a hotel chain. 'We want to control what's on the menu and how the staff are working,' Tyler Mateen said The new owners may replace a few rooms with retail offerings such as a coffee shop and perhaps create a membership club on top of the main building in space now used as a conference room. The El Encanto has a five-star rating from Forbes Travel Guide. Hotel sales in California have slowed in recent months due to high interest rates and 'a big disconnect' between buyers' and sellers' price expectations, Newport Beach hospitality consultant Alan Reay said. With institutional investors on the sidelines, upmarket properties in coastal communities where it's difficult to build new hotels are often going to buyers with deep pockets who intend to hold them for many years, Reay said. That's the plan for El Encanto, Cayton said. 'We want the experience and end result to be amazing,' he said. The resort 'is something that we're going to hold in our families forever.'
Los Angeles Times
30-06-2025
- Business
- Los Angeles Times
Culver City Digital Asset Management Platform Stackup Raises $4.2 Million
Stackup, a Culver City-based digital asset management platform designed to streamline crypto operations for crypto businesses, raised a $4.2-million Seed funding round led by 1kx, with participation from Y Combinator, Goodwater Capital, Soma Capital, Amino Capital and Digital Currency Group. The investment will accelerate the development of the Stackup platform, allowing the team to continue developing solutions that simplify crypto operations for businesses. The company was founded in 2021. Coinciding with the influx of new capital, it launched a new direct banking integration feature that directly addresses the fragmentation between traditional and crypto operations. Businesses can now connect their bank accounts to their Stackup wallet, enabling seamless, non-custodial ACH transfers between their bank and wallet within their existing payment workflows. 'Our mission at Stackup is to provide businesses with the tools they need to manage their digital assets with the same level of efficiency and control they expect from traditional financial systems,' said John Rising, chief executive and co-founder of Stackup, in a statement. Additionally, Stackup has expanded its support blockchains to include Ethereum, Base, Arbitrum, Optimism, Polygon, Avalanche, and BSC. Information for this article was sourced from Stackup.
Los Angeles Times
12-03-2025
- Business
- Los Angeles Times
‘Pokémon Go' sells to Culver City-based Scopely in $3.5 billion deal
Scopely, a Culver City-based mobile game developer and publisher, will acquire the games portfolio of developer Niantic, including 'Pokémon Go,' 'Pikmin Bloom' and 'Monster Hunter Now,' in a deal valued at $3.5 billion, the companies said Wednesday. Niantic's games generated $1 billion in revenue in 2024, and 'Pokémon Go' has remained a top 10 mobile game since its launch in 2016, according to Scopely. Players — also called trainers, who capture and battle monsters by walking around in the real world with a digital overlay, called augmented reality — have logged 30 billion miles in the app. The game, a sensation when it debuted, counts 20 million weekly active players. Last month, over 253,000 people in Los Angeles and Orange counties attended a virtual 'Pokémon Go' event, nearly ten years after its release. People playing mobile games spent $82 billion on in-app purchases globally in 2024, according to a report from Sensor Tower, an increase of 4% from 2023. While less people are downloading gaming apps, the report said, they're spending more time and money on them. 'We look forward to further accelerating the team's creativity through our partnership,' Scopely chief revenue officer Tim O'Brien said in a statement. 'Few games in the world have delivered the scale and longevity of 'Pokémon GO.'' The development team working on 'Pokémon Go,' led by Ed Wu, is staying together under Scopely, according to a Wednesday blog post. Wu said the new ownership would be a positive step for the game, which he called his 'life's work.' Other games acquired by Scopely include 'Campfire' and 'Wayfarer.' Scopely already has 'Monopoly Go,' 'Marvel Strike Force' and others in its portfolio. 'Niantic games have always been a bridge to connect people and inspire exploration, and I am confident they will continue to do both as part of Scopely,' John Hanke, founder and chief executive of Niantic, said in the Wednesday release. San Francisco-based Niantic will retain its technology and spin it into a new company called Niantic Spatial Inc., according to a release on its website, which will help machines learn to interact with the real world using artificial intelligence. The company will keep its other games that use the augmented reality tech, 'Ingress Prime' and 'Peridot.'
