The property asset involved in the transaction is the Belmond El Encanto, located at 800 Alvarado Pl in Santa Barbara. The hotel consists of 80,000 square feet and features 92 keys. The market value of the asset is $82,500,000, which translates to a price per square foot of $1,031 and a price per key of $896,000.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $82,500,000
• Address: 800 Alvarado Pl (El Encanto, A Belmond Hotel)
• Market: Santa Barbara
• Square Footage: 80,000
• Price per Square Foot: $1,031
• Number of Keys: 92
• Price per Key: $896,000
• Buyer: Tyler Mateen & Justin Mateen - JAM FUND & Tinder; Garrett Cayton - Culver Capital
• Seller: Bernard Arnault - LVMH

Justin Mateen, Tyler Mateen, and Garrett Cayton are the key individuals behind this landmark acquisition of the Belmond El Encanto from LVMH. They aim to invest substantially in the property to enhance its stature as one of the top destinations in the country. This transaction aligns them with notable figures such as Ty Warner and Rick Caruso, who are also owners of prestigious five-star hotels in Santa Barbara.