SAN FRANCISCO—Calistoga Hills Resort, an 88-acre fully-entitled development site located in the foothills of Calistoga, CA, has changed hands. As one of Napa Valley's last remaining large, untouched properties, the mixed-use project is fully entitled for 110 hotel keys, 20 villa residences and 13 estate lots.
The site features views of the Napa Valley, as well as the adjacent Kortum Canyon and vineyards below. Average nightly rates in this Napa Valley region are in excess of $1,000.
Despite the complexities of the project, which included multiple uses and an entity sale, Cushman & Wakefieldsourced 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, Cushman & Wakefield tells GlobeSt.com that it cannot detail that price further at this time. They also could not disclose the buyer per a confidential agreement.
The Cushman & Wakefield Global Hospitality team included James Escarzega, Tom McConnell and 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."
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