Steve Brown, Austin Herlihy and Chris Parker of Radius Commercial Real Estate & Investments represented both the buyer and seller in the sale of the hotel which was listed for $15,250,000.
Radius Principal Steve Brown commented, “The hotel was purchased based not only on current operating income but also on its size and close proximity to popular restaurants, museums, historic theaters and chic watering holes on the northern end of State Street, all of which were contributing factors in the buyer’s decision to purchase.”
“We are looking forward to seeing the property take shape under new local ownership,” said Austin Herlihy. “The area has seen a recent uptick in ‘panache’ with the development of the open-air Alma Del Pueblo market and condo project near the Arlington Theater. We expect a lot of enthusiasm in the community as this trend of activity continues up State Street with the renovation of Prado.”
The buyer, 1601 State Street Hotel Investors, L.P., is made up of local investors whose motivation was to find a hospitality investment in Santa Barbara and participate in an increasingly attractive market. According to Chris Parker, “This was a unique opportunity to purchase a hotel in a desirable section of State St., just walking distance from the most popular attractions in Santa Barbara.”
Radius Commercial Real Estate & Investments is a full-service commercial real estate brokerage serving all of the Central Coast. Locally founded and operated, Radius further distinguishes itself as a regional business leader by providing sustained industry data reporting and market forecasting.