CLARIFICATION: Sunday, Nov. 24, 2013
The Calistoga Ranch resort purchase described previously was made by Auberge Resorts and a group of investors including vintner Bill Foley. The group purchased the resort from Olympus Real Estate Partners.
The Wine Spectator article quoted in Napa Valley Patch and referred to previously was incorrect in its description of the roles of the principals in the transaction, according to one of the real estate professionals involved in the deal.
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In addition to Bill Foley, the Auberge Resorts investment group included A.J. Capital of Chicago and Michael Uytengsu of Tusk Estates in Napa Valley, the real estate professional said.
A 50-room, ultra-luxury resort at Calistoga Ranch has been purchased by Bill Foley of Foley Family Wines from current owner Auberge Resorts.
According to Wine Spectator, Foley is partnering with Auberge Resorts to provide luxury accommodations and a tasting room showcasing his wines at the resort, which sits in a secluded Upper Napa Valley canyon on 157-acres of oak-lined frontage.
“We were looking for a new investor in the property and Bill was head and shoulders above the rest,” said Auberge CEO Mark Harmon, to Wine Spectator. Auberge will continue to operate the property, the article said.
To read the full article, click here.
The resort was sold through the Jones Lang LaSalle’s Hotels & Hospitality Group on behalf of Olympus Real Estate Partners.
"The transaction represents one of the highest price per room hotel sales on record in the United States net of future phase development rights,” said John Strauss, Managing Director for Jones Lang LaSalle, who advised Olympus on the transaction.
David B. Deniger, Managing Partner of Olympus, said the purchase price was more than $1 million "per key" -- or per room -- for the resort portion -- or more than $50 million total.
Olympus previously sold out the 22-unit residential component of the project led by the Calistoga Ranch marketing team of Laurie Cameron and Joshua Dempsey. That completion paved the way for the current disposition of the resort.
“We were very pleased to have achieved our real estate sell out earlier this year which has paved the way for achieving well in excess of a million dollars per key for the resort portion of Calistoga Ranch,” Deniger said.
“Calistoga Ranch has become one of the most unique and best regarded hotels in the United States," he said.
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Calistoga Ranch includes a private restaurant and award-winning spa; other resort amenities and perks include two pools featuring dramatic views of the resort's private vineyard and oak groves, and 140 acres of land dedicated to hiking and active pursuits.
Calistoga Ranch has been praised by the traveling public and travel writers, including being named one of the “Best Hotels in the USA 2013” by U.S. News & World Report, and ranked on Condé Nast Traveler’s Gold List 2013 The World’s Best Places to Stay.
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