I counted over 1,600 hotel rooms by the beach from Montecito to Goleta. Now another 250 with the Garden Street Hotel.
There is no way, in my view, that this going to be a profitable venture in the near or immediate future. If it ever goes in the green. There has to be another explanation why we would need another 250 luxury hotel rooms.
But wait there is more.
The Parker family wants to build another hotel on the beach. Maybe, just maybe, building a hotel pans out in the very long run as opposed to an open lot.
In any case there will be many open hotel rooms collecting dust for the foreseeable future.