Colliers arranged the sale of the Franciscan Inn & Suites, a 53-room boutique hotel located in Santa Barbara’s West Beach district. The seller and local developer Ed St. George, who purchased the Franciscan in 2022 for $21,000,000, has sold it to a family-owned hotel ownership and management company, Warren Resort Hotels, for $22,500,000 and at just under a 4% cap rate on current income.
“Bringing The Franciscan Inn & Suites Santa Barbara into our portfolio has been a decades-long dream for our family,” said Chris Warren, third-generation family member of Warren Resort Hotels. “Closing on this hotel 50 years after my grandfather, George H. Warren, purchased our neighboring property, the Marina Beach Motel, makes this even more special.”
Colliers EVP Austin Herlihy, VPs Chris Parker, Miles Waters and Mike Lopus and associate Mike Chung, in partnership with Radius principal & founder Steve Golis, marketed the asset and led the disposition and acquisition processes on behalf of both parties.
“Santa Barbara’s hospitality sector continues to benefit from high barriers to entry, coastal zoning protections, and strong branding as an upscale resort destination,” said Herlihy.
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