StonePark Capital acquires Hotel Cerro

Santa Barbara, CA-based hospitality development company StonePark Capital has acquired the Hotel Cerro, a 65-room property located in downtown San Luis Obispo, CA. The hotel features a full-service restaurant and bar, spa and wellness center, event space and the only rooftop pool and bar in the city.

Hotel Cerro will join Marriott’s Autograph Collection soft-brand, with design and branding updates to begin immediately. This represents the third collaboration between Marriott International and StonePark Capital on the Central Coast of California.

StonePark currently owns five hotel projects on the Central Coast representing 365 guestrooms. After opening its first hotel in 2019 in San Luis Obispo, principals Andrew Firestone and Jess Parker said they have been eager to increase their investment in the area.

“Hotel Cerro is an absolute gem in San Luis Obispo that has artfully combined stunning architecture and design to match the historic character of downtown,” said Firestone. “The location and unique offerings fit perfectly within the profile of the Autograph Collection Hotels. With thoughtfully curated guestrooms and common spaces, this hotel has the perfect blend of style and function that is sure to appeal to any traveler to the Central Coast. We are so proud to be the stewards of this gorgeous property and look forward to welcoming guests from around the state and across the world.”

This project represents the third collaboration between StonePark and AZUL Hospitality, whose team will be taking over operations of the hotel, restaurant and spa. “AZUL Hospitality has established itself as a premier operator of lifestyle and independent hotels making them the ideal management partner for Hotel Cerro.” said Parker.

Mark Crisci, chief investment officer/principal, AZUL Hospitality, said, “We’re so pleased to expand our relationship with StonePark Capital and we feel that Hotel Cerro is an outstanding addition to their growing portfolio.”