El Prado Sold
updated: Oct 15, 2012, 1:00 PM
Source: Radius Commercial Real Estate & Investments
The 68 room El Prado/Days Inn Hotel located at 1601 State St. on the corner of
State and Arrellaga streets was recently sold to local investors who plan to
continue to operate the property as an attractive alternative to beachfront
hotels. Steve Brown, Austin Herlihy and Chris Parker of Radius Commercial Real
Estate & Investments represented both the buyer and seller in the sale of the
hotel which was listed for $15,250,000.
Radius Principal Steve Brown commented, "The hotel was purchased based not only
on current operating income but also on its size and close proximity to popular
restaurants, museums, historic theaters and chic watering holes on the northern
end of State Street, all of which were contributing factors in the buyer's
decision to purchase."
"We are looking forward to seeing the property take shape under new local
ownership," said Austin Herlihy. "The area has seen a recent uptick in ‘panache'
with the development of the open-air Alma Del Pueblo market and condo project
near the Arlington Theater. We expect a lot of enthusiasm in the community as
this trend of activity continues up State Street with the renovation of Prado."
The buyer, 1601 State Street Hotel Investors, L.P., is made up of local
investors whose motivation was to find a hospitality investment in Santa Barbara
and participate in an increasingly attractive market. According to Chris Parker,
"This was a unique opportunity to purchase a hotel in a desirable section of
State St., just walking distance from the most popular attractions in Santa
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