Iconic Santa Barbara hotel sells for $ 41.9 million

The Santa Barbara Hotel, an iconic 75-room property in the heart of this coastal city’s bustling downtown, has been sold for $ 41.9 million, as reported by Berkshire Hathaway HomeServices California Properties.

“There were a lot of moving parts to deal with with this transaction requiring a team effort to win the day, and in the end it was very satisfying that both the buyer and the seller were very happy with the outcome of the sale.” said listing agent JJ. Gobbell from the Montecito office. “Our love for the exceptional historical qualities of Santa Barbara made this transaction a pleasure to execute, given the beauty and charm of the Santa Barbara Hotel. We recognize the special place the Hotel Santa Barbara occupies in the community and we are committed to helping preserve its heritage in any way we can.

The co-listing agents on the property are Aaron Valenty and Mark Simon in the Corona del Mar office. The buyer is on the Forbes list of the richest people in the world and the list of “Richest Self-Made Women” of the magazine.

“It’s such a wonderful place,” Aaron said. “Right next to the hotel is the quaint open-air Spanish-style Paseo Nuevo shopping center, wine tasting rooms, restaurants, art galleries, boutiques and world-class entertainment venues such as as the Granada Theater, the Lobero Theater and the Arlington Theater. “

A hotel has occupied the site since the mid-1800s. After the 1925 earthquake that destroyed the old hotel, the owner vowed never to lose another building to an earthquake and built the new hotel, Saint Barbara, in cast concrete reinforced with steel.

“One thing that makes this sale so special is the fact that the seller, who was instrumental in preserving the historic charm of downtown Santa Barbara, was able to pass the baton on to this particular buyer who is very conscientious. and reflected with the properties it acquires. ”said Marc.

The boutique hotel is located down the busy hallway of State Street, five blocks from Stearns Wharf and Santa Barbara Harbor. An incredible piece of Santa Barbara history, it has been lovingly updated as a premier destination surrounded by the best the city has to offer.

Since the hotel reopened in the 1960s as the Santa Barbara Hotel and its acquisition by vendors in 1975, there have been several renovations, with major renovations in 1996, 2013 and more recently in 2019. Under the last owner, the hotel was not only restored to its original luster, but also flourished, adapted and overcome over the decades to become one of the crown jewels of Santa Barbara.

The hotel located at 527-533 State Street has a lobby, two meeting rooms, a small kitchen used for the breakfast service in the lobby, and six commercial spaces on the ground floor on the along State Street, anchored by Starbucks Coffee around the corner.

To work with the dedicated listing agents who made this high-profile sale possible, contact JJ Gobbell at 805-403-5785 or [email protected], Aaron Valenty at 949-228-4148 or [email protected], and Mark Simon at 949-872-8322 or [email protected]

About Listing Agents:

JJ Gobbell, a real estate consultant for over 30 years, also has extensive experience in residential and commercial real estate valuation. He was awarded the MAI (Member, Appraisal Institute) designation in 2006. Such experience is essential in many areas, including setting the appropriate listing price for a seller as well as when negotiating the best purchase price. for a buyer.

Aaron Valenty has been involved in real estate since 2005. Over the course of his career, he has received several sales accolades, a fact he attributes to his focus on providing prompt communications and honest advice. He has strong ties to the local neighborhoods and a vast understanding of the nuances that each has to offer.

Mark Simon specializes in the sale and rental of commercial and residential properties along the Southern California waterfront. Using a combination of high-tech tools and old-fashioned know-how, Mark and his team know how to give customers the edge over the competition.

Berkshire Hathaway HomeServices California Properties is proud to support 3,000 sellers in 45 offices stretching from Santa Barbara to San Diego. In 2020, our expert agents assisted more than 10,000 customer transactions and a volume of more than $ 13 billion.

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