Fully Entitled 33-Key Boutique Hotel
Hotel Development Opportunity (w/ Entitlements) or Owner User Office
Marketing description
Positioned along the highly desirable Upper De La Vina corridor, 2020 & 2024 De La Vina Street presents a rare opportunity to acquire a fully entitled 33-key boutique hotel development within one of Santa Barbara’s most supply constrained submarkets. The project strategically leverages existing improvements to significantly reduce development timelines and costs while delivering a highly efficient, well-located hospitality asset. The property currently consists of 16,918 SF of existing improvements across two office buildings situated on approximately 0.65 acres with ample on-site parking. Approved plans provide for spacious guest accommodations featuring a mix of single king and double queen guestrooms, in addition to eight extended-stay suites offering one-bedroom and two-bedroom layouts complete with full kitchens. The ideally central Santa Barbara location is approximately one mile from downtown, a half mile from Cottage Hospital, and just minutes from the Funk Zone and sandy beaches. The property also offers convenient access to Highway 101, allowing for approximately 15-minute travel times north and south to neighboring communities including Goleta, Isla Vista and Carpinteria. In addition, the surrounding neighborhood provides walkable access to numerous restaurants, retail amenities, and neighborhood services located just blocks from the property.
Investment highlights
• Fully entitled, removing development risk in one of California’s most restrictive coastal markets
• Adaptive reuse that lowers cost basis by reduced construction costs, site work costs, and timeline risk
• Project maintains existing building envelope and height making construction primarily interior renovations with limited exterior changes
• Large rooms, driving family/group demand which translates to higher Occupancy and ADR
• 8 Rooms with Full Kitchens allowing for extended stay rentals
• Existing development concept is staffless and keys operation thereby reducing or eliminating the business operational expenses of a traditional hotel.
• Streamline, professional and seasoned management company available to operate the hotel once completed
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