KHP II acquired the Canary Hotel, the only 4-star boutique hotel in downtown Santa Barbara, at an attractive going-in yield and a significant discount to replacement cost. Over the three years following KHP II’s acquisition, the property benefited from several cost saving and operational improvement initiatives that helped increase GOP margins by over 400 basis points. These improvements included a reconcepted restaurant and enhanced catering sales, which produced an incremental $1.3 million in food and beverage departmental profit.
|Location:||Santa Barbara, CA|
|Acquisition Date:||March 2012|
|Disposition Date:||July 2015|