Tinder Co-Founder Dives Into 'Growing Market' With $82 Million Purchase

Justin and Tyler Mateen co-founded Tinder, the popular dating app. In June 2025, the Mateen brothers purchased a piece of property in Hollywood worth a price of $69 million. 

Now, the Mateen brothers have purchased another expensive piece of property in California with the Cayton family's Culver Capital. 

"French luxury giant LVMH Moët Hennessey Louis Vuitton SE is selling its only US hotel, the El Encanto in Santa Barbara, California," according to John Gittelsohn of Bloomberg. "The 90-room property — in a coastal getaway northwest of Los Angeles — is being purchased by a partnership of brothers Justin and Tyler Mateen and Culver Capital, according to representatives for the buyers. The price is $82.2 million." 

Tyler Mateen also expressed that this is a "growing market," according to the Bloomberg report. “We look at it as we’re buying 20% of the class A luxury hospitality market in Santa Barbara, which we believe is a growing market." 

On top of that, there is a plan in place to spend $40 million to upgrade the hotel, according to a report from the LA Times. 

The El Encanto hotel in Santa Barbara, California, is a popular one despite its expensive prices. 

Rooms go for around $1,000 per night, and that's with the AAA special discount included. The hotel also has plenty of five-star reviews on TripAdvisor. 

Still, it's a luxury destination for many guests and celebrities, with stars such as Clark Gable, Gwen Stefani and Leonard DiCaprio visiting the hotel as well as former President Franklin D. Roosevelt. 

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