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This New Development Will Be The Priciest Hotel On The California Coast

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View of Monticeto, Calif.
A view of Monticeto, Calif.

What could become the most expensive hotel on the California coast is under development an hour north of Los Angeles.

The Rosewood Miramar Beach Montecito will be a five star hotel and mark retail mogul Rick Caruso’s first foray into the hospitality business, the Wall Street Journal reports. The hotel will sit on 16 acres and offer 161 guest rooms and family bungalows, and Caruso said it will likely be the most expensive place to stay on the California coast.

Most experts agree the key to luxury hotel success revolves around creating a sense of place. On that front, Caruso said Miramar’s goal will be to re-create a sense of old-world luxury that invokes 1930s opulence.

Caruso will invest over $200M into the project and said he is actively looking for more unique sites to expand his burgeoning luxury resort business.