Santa Barbara–based StonePark Capital — a hospitality development company founded and run by Andrew Firestone and Jess Parker — announced Tuesday that the company had acquired the 31-room Waterman Hotel for an undisclosed amount.
The Waterman was built in 2014 and has become a popular destination in the Funk Zone, standing atop the State Street Underpass and serving as a great location for visitors looking to explore the nearby restaurants, microbreweries, and boutiques. With the acquisition, the hotel will complete the transition to join Moxy Hotels as part of the Marriot Bonvoy portfolio.
The transition process is expected to be complete by summer 2023, after StonePark completes “upgrades to the common areas and guest rooms.” The hotel will remain open during this time.
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“As native Santa Barbarans, Jess and I have a good understanding of the long-term vision for Santa Barbara’s Funk Zone, and how this unique property adds to this growing community,” Firestone said. “We are looking forward to being good stewards of this property and helping maintain the balance between tourism and local flavor that makes Santa Barbara such an incredible place to live and visit.”
StonePark has developed or acquired at least six hospitality projects across California, including three in Santa Barbara. The Waterman will be the first of two Marriott projects for StonePark Capital in Santa Barbara, the company said, with the 122-room “Courtyard by Marriott” expected to open this fall.