(EDITOR’S NOTE: Sources familiar with the transaction have confirmed the price to be close to $80MM. The buyer was the Cheng family from Hong Kong who are also the owners of the Rosewood Sand Hill hotel.)
Cushman & Wakefield Global Hospitality Arranges Record Breaking Sale of Calistoga Hills Resort
Napa Property is One of Highest Per Key Hotel Land Sales in the Country
SAN FRANCISCO, February 12, 2015 – As the lead advisor, Cushman & Wakefield Global Hospitality recently arranged the record breaking sale of the Calistoga Hills Resort, an 88-acre fully-entitled development site located in the foothills of Calistoga, California. As one of Napa Valley’s last remaining large, untouched properties, this mixed-use project is fully entitled for 110 hotel keys, 20 villa residences and 13 estate lots. It features breathtaking views of the Napa Valley, as well as the adjacent Kortum Canyon and vineyards below.
Calistoga Hills Resort is a vast expanse of untouched land situated 430 feet above the valley floor. Wrapped around an entire hillside, the massive property is primed for the creation of an unmatched private and luxurious resort and residential enclave in Napa. The property is ideally located in northern Napa Valley, one of the nation’s strongest hospitality markets with average nightly room rates in excess of $1,000.
Despite the complexities of the project, which included multiple uses and an entity sale, Cushman & Wakefield sourced an Asia Pacific based international development and investment firm with the capabilities and vision to develop this iconic property. The sale of the Calistoga Hills Resort represents one of the highest per key hotel land sales in the country.
The Cushman & Wakefield Global Hospitality team included James Escarzega, Tom McConnell & Steve Michels. According to Escarzega, Managing Director of Capital Markets: “This world- class site attracted interest from investors and developers around the world. Upon completion, this one-of-a-kind project will be a game changer for the luxury hotel market in Napa Valley.”
About Cushman & Wakefield
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 248 offices in 58 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.