Santa Barbara-based StonePark Capital announced on Aug. 16 its acquisition of The Waterman, a 31-room boutique hotel in Santa Barbara’s Funk Zone.
The Waterman sold for $15.55 million in the second quarter of 2022, according to Radius Commercial Real Estate’s South Coast market report. The buyer, StonePark, is a hospitality development company led by principals Andrew Firestone and Jess Parker, both members of prominent Santa Barbara County wine families.
The hotel will join Moxy Hotels, part of Marriott Bonvoy’s portfolio of 30 brands, according to a StonePark news release.
The transition will take about 12 months as StonePark completes upgrades to the property. The hotel, located at 12 E. Montecito St., will remain open throughout the upgrades.
The Waterman represents the first of two Marriott projects for StonePark Capital in Santa Barbara. The 122-room Courtyard by Marriott, located at 1601 State St., is expected to open this fall. Azul Hospitality Group will oversee the management of both hotels.
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