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 four acres in the desirable Upper State Street neighborhood in Santa Barbara, Calif.
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
