French luxury company LVMH is selling the Belmond El Encanto in Santa Barbara, Calif. for $82.2 million, according to Bloomberg. It is the company's only hotel in the U.S. The 90-key property is being sold for about $900,000 per room.
The coastal property is being purchased by a partnership of brothers Justin and Tyler Mateen and Culver Capital, according to representatives for the buyers.
The French luxury goods group acquired the El Encanto Hotel in Santa Barbara as part of its purchase of the Belmond hotel group. The acquisition was announced in December 2018, with LVMH agreeing to buy Belmond for $2.6 billion.
A spokesperson for LVMH declined to comment on the transaction to the Business Times but said LVMH-owned Bvlgari Hotels & Resorts plans to open a hotel in Miami Beach, Fla., in 2028.