Napa Valley Marriott Hotel & Spa Sells for $72 Million - CoStar Group
"The Napa Valley Marriott is an excellent addition to our portfolio in a key destination market in Northern California, a region not heavily represented in Inland American's lodging portfolio," said Marcel Verbaas, president and CEO of Inland American Lodging Advisor. "This acquisition represents our seventh full-service Marriott as we continue to strategically reposition our portfolio with more full-service and luxury hotels in premier markets."
The company also said Napa Valley's lack of suitable development sites presents a significant barrier to entry for new lodging properties. As a result, only a handful of hotels are located within the city.
Built in 1979, the Napa Valley Marriott is a two-story, 114,434-square-foot hospitality building on 9.3 acres at 3425 Solano Ave., about one hour north of San Francisco. The hotel is next to the football training camp facility of the Oakland Raiders and has hosted the NFL team for more than 10 years.
Lighthouse acquired the hotel from Sunstone Hotel Investors Inc. for $36 million or $130,909 per key in May 2009. The company completed $7.3 million in renovations and upgraded 85 concierge rooms in March of this year. Lighthouse will continue to manage the hotel.
Louis Stervinou of Eastdil Secured represented both Inland American and Lighthouse.
See CoStar COMPS #2168480 for more information.
Follow the news on Twitter @LaurieForbes and @TheCoStarGroup.
01 Sep, 2011
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Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNGd7WuV9ob9aEUv6UP_2IpUMKoYAA&url=http://www.costar.com/News/Article/Napa-Valley-Marriott-Hotel-Spa-Sells-for-$72-Million/131757
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