New Delhi, July 8 -- French luxury giant LVMH Moet Hennessey Louis Vuitton SE is selling its only US hotel, the El Encanto in Santa Barbara, California.

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, they said.

"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," Tyler Mateen said in an interview Monday.

The sale price per room - about $900,000 - is comparable to other recent resort transactions in coastal California, where strict government regulations and a scarcity of ...