(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).
NAPA, CA-Inland American Lodging Group Inc. has acquired the Napa Valley Marriott Hotel and Spa for $72 million, or approximately $261,000 per key. The property is a 275-room upscale retreat located in the heart of Napa Valley on a spacious 9.3-acre site, according to a prepared statement.
“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.” says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. “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 Napa Valley Marriott offers luxury amenities including oversized guest rooms, a full-service spa, approximately 11,000 square feet of meeting space and an outdoor heated pool. Opened in 1979, the hotel completed a $7.3-million renovation in March 2011.
In conjunction with the recent renovation, the Napa Valley Marriott completed the upgrade of 85 concierge rooms. The rooms feature specialized services and amenities including access to the concierge suite and complimentary breakfast and appetizers.
The hotel is located adjacent to the pre-season training camp facility for the Oakland Raiders of the National Football League and has hosted the team for over a decade. Verbaas says that the hotel’s “preferred location, excellent service and the Marriott brand have enabled the property to consistently achieve strong, top-line performance.”
Located one hour from San Francisco and 90 minutes from Silicon Valley, over four million visitors come to the region annually. Napa Valley also presents significant barriers to entry for new hotel supply due to a lack of suitable development sites, says a prepared release. As a result, only a handful of lodging properties are located within the city of Napa.
The hotel will continue to be managed by Lighthouse Lodging Group. Queries to Inland for further information weren’t returned by deadline.
As GlobeSt.com previously reported, the company purchased a portfolio of four Marriott-branded hotels totaling 598 rooms last year for $80 million. Those properties, located in Florida, Iowa and Pennsylvania, were sold by local owner Moody National Cos.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
