Ashford Prime, a hospitality company has entered into an agreement to acquire the Hotel Yountville for $96.5 million.
The 80-room hotel is yet another prime Yountville real estate play. Ashford’s offer is $1.2 million per key. This is the second acquisition for Ashford Prime, a real estate investment trust focused on investing in luxury hotels and resorts. The company acquired the Bardessono Hotel & Spa in 2015.
Napa Valley is one of the strongest and most sought-after lodging markets in the country, known for its high barriers to entry and limited supply. The Hotel Yountville was originally built in 1998 and has a desirable downtown location. In 2011, the hotel underwent a multimillion-dollar expansion and renovation to upgrade guestrooms and construct 29 additional guestrooms. A restaurant, spa, meeting and event space, a resort-style outdoor heated pool, and lounge patio were also added.
This luxury boutique hotel boasts several amenities, including the restaurant and bar Hopper Creek Kitchen, complimentary wine tastings, an on-site spa, as well as a cypress-lined pool. Guestrooms feature rain showers, oversized sunken tubs and stone fireplaces. Beautiful manicured gardens, as well as cascading fountains, help make this hotel a top destination for romantic getaways.
When the deal with Ashford Prime is complete, the property will be managed by Remington Hotels, also based in Dallas. Remington has managed the Bardessono since the 2015 purchase and will help streamline operations between the two facilities.
Richard Stockton, Ashford’s CEO said: “The transaction presented a great opportunity for us given the quality of this asset and its unique location in an attractive market in the Napa Valley with high barriers to entry. We expect to achieve improvements in the performance of this hotel given the operating synergies with our nearby Bardessono property.”
Last year, Hotel Yountville had 87.8 percent occupancy, an average daily rate of $534 and revenue per room of $469, according to the sellers. The hotel is currently owned by George Altamura, a Napa Valley developer and real estate investor and The Doctor’s Company, based in Napa.
Yountville real estate is highly desirable and among the most expensive in the state. With an abundance of tasting rooms and world class restaurants, Yountville attracts buyers and investors from all over the globe. Known as the “Culinary Capital of Napa Valley,” Yountville has earned more Michelin stars per capita than any other place in North America. The town boasts several top-rated restaurants owned by highly acclaimed chefs, including Thomas Keller’s French Laundry and Michael Chiarello’s Bottega.
If you’re interested in Yountville real estate, I have access to some extraordinary wineries, vineyards, estates and homes that are not on the open market and would be delighted to help you find your dream wine country property. You can reach me at 707-738-4820 or [email protected].