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."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
