Moxy Santa Barbara

In October 2020, Eastern acquired an independent, boutique hotel in downtown Santa Barbara. Originally built as a hostel, this 31-key guesthouse was extremely well located but in need of cosmetic upgrades, a rebrand and an improved marketing program. Shortly after the acquisition, Eastern structured a deal with Marriott International to convert the property into a Moxy Hotel, one of Mariott’s leading select service brands.

Santa Barbara is one of the strongest destination markets within California and the United States. The Moxy Santa Barbara sits directly in the ‘Funk Zone’ district, which is considered the top tourist destination in the region. This boutique, ‘drive to’ location is ideally positioned for demand congruence between Moxy’s vibrant, lifestyle brand and the plentiful travelers and tourists in the surrounding area.

Shortly after commencing the Moxy conversion, Eastern was approached by a local investor to purchase the asset. In June 2022, Eastern closed on the sale, generating a 2.5x multiple on its investment.