Muristek
COURTESY PHOTOThe Waterman is a 31-room hotel in Santa Barbara’s Funk Zone.
StonePark Capital recently bought the Waterman, a 31-room hotel in Santa Barbara’s Funk Zone.
Midway through a transition from an independently branded hotel, the Waterman will join Moxy Hotels, part of Marriott Bonvoy’s portfolio of 30 brands. This transition will take approximately one year as the StonePark team completes upgrades to the common areas and guest rooms, according to a news release.
StonePark Captial said the hotel will remain open throughout the upgrades, which are expected to be complete by summer 2023.
“As native Santa Barbarans, Jess and I have a good understanding of the long-term vision for Santa Barbara’s Funk Zone and how this unique property adds to this growing community,” Andrew Firestone, principal of StonePark Capital. said in a news release. “We are looking forward to being good stewards of this property,and helping maintain the balance between tourism and local flavor that makes Santa Barbara such an incredible place to live and visit.”
The Waterman represents the first of two Marriott projects for StonePark Capital in Santa Barbara, with the 122-room Courtyard by Marriott at 1601 State St. anticipated to open this fall.
StonePark Capital has teamed up with Azul Hospitality Group to oversee the management of both of these hotels.
“We are very excited to continue to expand our relationship with StonePark Capital in their ‘backyard’ of Santa Barbara,” Mark Crisci, principal of Azul Hospitality Group, said in a news release. “A key tenet of the Azul platform is our ability to differentiate our portfolio by infusing creative experiences and offerings to our guests.
“The Waterman and its eventual inclusion into the Moxy brand will be a great opportunity to showcase creative market-driven offerings resulting from strong collaboration between StonePark as owner and Azul as manager.”
email: kzehnder@newspress.com
The post StonePark Capital acquires the Waterman hotel appeared first on Santa Barbara News-Press.