Hawkins Way Capital Acquires Two Hotel Properties Comprising 150 Rooms
Hawkins Way Capital has acquired the parcels located at 3850 and 3840 State Street, together comprising 150 hotel rooms, a retail pad and multiple pools across approximately 4.0 acres in the desirable Upper State Street neighborhood in Santa Barbara. The parcels are currently improved with a 68 room Best Western Plus Pepper Tree Inn branded hotel and adjacent 82-room unbranded hotel.
Hawkins Way Capital intends to combine the two properties into a single Best Western Plus Pepper Tree Inn, driving operational efficiencies by sharing resources and capitalizing on the consistent leisure business in the area. A property improvement plan is underway, improving finishes to the latest, elevated Best Western brand specifications. Renovations will consist of refreshed guestrooms and bathrooms, new FF&E and case goods, activated underutilized common area spaces and upgraded exterior landscaping and pool areas.
"Best Western Plus Pepper Tree Inn represents a compelling opportunity to serve the growing needs of the leisure and business oriented traveler in high barrier to entry Santa Barbara. Backed by the strength and accessibility of the Best Western brand, we look forward to offering a budget conscious option to those prioritizing a prime location and modern finishes in a historically supply constrained market," said Ross Walker, Hawkins Way Capital's Managing Partner.
The acquisition marks the 8th purchase in the past year for Hawkins Way Capital, combining to over 2,800 new units and over $960 million in investments and continuing Hawkins Way Capital's push into urban student housing and select hospitality properties. The hotel will be integrated into a nationwide network of over 5,000 units and 8,000 beds managed by Hawkins Way Capital's affiliated property management company.
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