Deal activity: June 30-July 7, 2025

SANTA BARBARA, California — French luxury conglomerate LVMH Moët Hennessy Louis Vuitton has sold its only U.S. hotel property, the 90-key El Encanto Hotel in Santa Barbara, California, to Justin Mateen, founder of the online dating app Tinder, and his brother, Tyler Mateen, in partnership with Costa Mesa, California-based Culver Capital, for $82.2 million.

LVHM acquired the hotel in 2018 as part of its $2.6 billion acquisition of Belmond. The new owners plan to put $40 million in renovations into the property, which was first opened in 1918. The hotel will be added to the Leading Hotels of the World portfolio.