The seven-acre estate first opened its doors back in 1918; since then, its 90 rooms have play host to many an Old Hollywood star, including Clark Gable, Hedy Lamarr, and Carole Lombard, as the ultimate secluded retreat, the Los Angeles Times reported. El Encanto comes with sweeping views of the Pacific, along with a slew of bungalows and villas, each with their own distinct style inspired by the coastal towns dotting the Riviera. Accommodations are priced from $1,179 per night, including taxes and fees.

“The beauty of the American Riviera rivals the best coastlines in Europe but is less than 90 minutes from Los Angeles and just a direct flight from many major U.S. cities,” Mateen said in a statement. “We will be pouring love and resources into this iconic property to continue that legacy and ensure that it remains a top destination for visitors from around the world and down the block.”

Those resources could total up to $40 million, which is as much as Mateen and co. plan to splash down for renovations, the L.A. Times reported. The team anticipates keeping the property open while doing the upgrades during the hotel’s low season over the next three years. El Encanto, which the new owners plan to treat as a boutique hotel, may have a few of its rooms converted into retail spaces, like a café; Mateen will also transform the grounds and may top the resort with a membership club.

As for LVMH, it won’t be out of the U.S. hotel scene for long. In 2028, the luxury behemoth is set to open a Bulgari property in Miami Beach, a company spokesperson told Bloomberg. Belmond is just as busy: The hospitality titan just unveiled a new sleeper train that can take you from London to Wales in style.