{"id":1004123209,"date":"2015-07-13T13:38:06","date_gmt":"2015-07-13T21:38:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=354993"},"modified":"2022-12-09T01:20:35","modified_gmt":"2022-12-09T09:20:35","slug":"ashford-reit-finds-ripe-pickings-in-napa-valley","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-reit-finds-ripe-pickings-in-napa-valley\/","title":{"rendered":"Ashford REIT Finds Ripe Pickings in Napa Valley"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

It may only be mid-summer, but Napa Valley is already ripe for investment. The local hospitality market is among California’s strongest, a fact underscored by the $85 million price that\u00a0Ashford Hospitality Prime\u00a0Inc. paid for the Bardessono Hotel and Spa in Yountville.<\/p>\n

\"Bardessono<\/a><\/p>\n

Bardessono Hotel and Spa<\/p>\n<\/div>\n

One of the area’s best-performing assets, the 62-key Bardessono was generating $554 in RevPAR on a trailing 12-month basis as of May 31. The hotel also achieved 81.9 percent occupancy and an ADR of $676 for the same period. The purchase price, equivalent to about $1.3 million per key, represents an estimated forward 12-month cap rate of 5.2 percent.<\/p>\n

The Bardessono is one of three hotels in the United States, and the only one in California, to have earned LEED Platinum certification from the U.S. Green Building Council. Completed in 2009, the hotel offers the Lucry restaurant and bar, an on-site spa, more than 6,000 square feet of indoor and outdoor meeting space, as well as a fitness center. According to the statement announcing the sale, the Bardessono hotel is on a ground lease that expires in 2105.<\/p>\n

Ashford Hospitality financed the purchase using proceeds from a recent preferred stock offering, $2 million in key money provided by parent company Ashford Inc. and cash on hand. Remington Lodging was appointed as the hotel’s new property manager.<\/p>\n","protected":false},"excerpt":{"rendered":"

Although it’s just mid-summer, Napa Valley is already ripe for investment. The area’s hospitality market is one of the strongest in the entire state, a fact that has become evident by the recent price paid for a facility by investor Ashford Hospitality Prime. The company announced the completion of an $85 million deal for the Bardessono Hotel and Spa in Yountville.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1609],"tags":[],"class_list":["post-1004123209","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-francisco"],"acf":[],"yoast_head":"\nAshford REIT Finds Ripe Pickings in Napa Valley - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashford-reit-finds-ripe-pickings-in-napa-valley\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashford REIT Finds Ripe Pickings in Napa Valley\" \/>\n<meta property=\"og:description\" content=\"Although it’s just mid-summer, Napa Valley is already ripe for investment. The area’s hospitality market is one of the strongest in the entire state, a fact that has become evident by the recent price paid for a facility by investor Ashford Hospitality Prime. 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