LVMH Sells Belmond El Encanto to Tinder Co-Founder for $82M

On July 7, 2025, LVMH, a French multinational holding company and conglomerate, announced it would sell its only US hotel, the Belmond El Encanto in Santa Barbara, California, for $82.2 million. This 90-room property will be sold at approximately $900,000 per room.

The buyers are Justin Mateen (Tinder co-founder), his brother Tyler Mateen, and Culver Capital, a Los Angeles investment firm. They intend to reinvest up to $40 million into renovations over three years, focusing on architectural restoration, landscape enhancements, and possibly adding retail or membership components.

The hotel will remain open during renovation phases. Architect Mark Rios and Culver Capital's Garrett Cayton are overseeing enhancements.

LVMH acquired El Encanto in December 2018 as part of its $2.6 billion purchase of Belmond. This move gave LVMH 46 assets, including hotels, cruises, and trains globally.

The new owners plan to manage the property directly—El Encanto will operate as an independent boutique resort, leaving Belmond’s network.