CASE STUDY - THE PADRE HOTEL
A (City) Star is Born
The Challenge
A Central Valley icon since its opening in 1928, Padre Hotel fell into disrepair and portions of the building were condemned in the 1960’s. The property changed hands numerous times in the ensuing decades. Eat.Drink.Sleep. acquired the hotel in 2008 with the vision of restoring the Spanish revival architecture, modernizing the infrastructure, and operating the region’s only boutique hotel. A swanky and extensive remodel followed.
The Padre has generated $6 million in tax revenue for the city of Bakersfield.
The Approach
In partnership with Graham Downs Architecture, EDS invested $13 M to extensively remodel the property, which included enlarging the guest rooms converting the hotel from 220 rooms to 112 and adding lifestyle elements, such as 2 restaurants, a rooftop bar, a coffee bar and a nightclub. While the renovation was extensive, great care was taken to retain the building’s most charming and historic features including the lobby’s checkerboard tile and grand arches.
The Results
The Padre Hotel’s redevelopment was a catalyst for Bakersfield’s urban core revitalization, creating more than 150 jobs and generating nearly $6 million in tax revenue for the city. Today, The Padre Hotel proudly ranks as the #1 Hotel in Bakersfield on TripAdvisor and is the city’s only hotel to hold the 4-Diamond Hotel. 50% of the Padre’s annual revenue is generated through food & beverage operations from their various dining venues available to guests.
“Before The Padre, there was a perception that a high-end lifestyle-driven business could not succeed downtown. All of that has changed.” – Anna Smith of Sage Equities
Results
2008 Purchase Price
$4 Million
2008-2010 Renovation
$13 Million
Services
Developer
Construction Management
Hotel Operations
Marketing
F&B
Tech Stack
Market
Bakersfield, Californias 9th most populous city, is one of the country’s fastest growing cities and is the top oil producing counties in the US. EDS secured a $1.8 million loan from the City of Bakersfield funded by the US Department of Housing and Urban Development. The Padre Hotel has achieved a 150 RevPar Index among its comp set.
