Acquisition Highlights:
The purchase price for the Bardessono Hotel and Spa, after adjusting for the key money, represents an estimated forward 12-month cap rate of 5.2% on net operating income and an estimated forward 12-month EBITDA multiple of 16.5x. On a trailing 12-month basis as of May 31, 2015, the Bardessono Hotel and Spa achieved RevPAR of $554.01, with 81.9% occupancy and an Average Daily Rate (ADR) of $676.12, according to unaudited financial data provided by the sellers.
"We are extremely excited to add this trophy asset to our portfolio," said Monty J. Bennett, Ashford Prime's Chairman and Chief Executive Officer. "The award-winning Bardessono Hotel and Spa provides us with a foothold in Napa Valley, one of the strongest and most desirable lodging markets in the country with very high barriers to entry and minimal new supply. Given the superb quality of this asset just built in 2009, its unique location and extraordinary RevPAR generation – the highest in our portfolio, this property aligns perfectly with Prime's strategy of investing in high quality, high RevPAR assets in gateway and resort markets."
Located in the heart of Yountville, CA, the Bardessono Hotel and Spa is approximately 60 miles north of San Francisco and enjoys a central location in the heart of the Napa Valley, widely acclaimed as the continent's premier wine and culinary destination with over 450 wineries. Known as the "Culinary Capital of the Napa Valley," Yountville boasts an array of restaurants by famed chefs, earning more Michelin stars per capita than any other place in North America. In addition to the valley's traditional wine and dining attractions, the region is also known as a popular leisure destination for hiking, biking, golfing, shopping and festivals.
The Bardessono Hotel and Spa was built in 2009, has 62 luxurious rooms and suites and is in outstanding physical condition. Built and operated with a primary focus on green practices, the hotel is the only LEED Platinum certified hotel in California and one of only 3 LEED Platinum certified hotels in the U.S. The hotel offers exceptional amenities, including large, well-appointed guestrooms and suites with private patios/balconies, the acclaimed Lucy restaurant and bar, an on-site spa, fitness center and 6,065 square feet of indoor and outdoor meeting space. The property's outdoor amenities are notable as well, including a rooftop resort-style pool, landscaping and water features, a vegetable garden, high-profile art sculptures and the availability of carbon fiber bicycles and Lexus Hybrid vehicles for guest use. The hotel is on a ground lease that expires in 2105.
Thank you for visiting our site, If we can assist you with a new position or finding the right fit, please contact us.
- Premier asset in Napa Valley, one of the strongest and most desirable lodging markets in the country with very high barriers to entry and minimal new supply
- Extraordinary RevPAR of over $550
- The only California LEED Platinum certified hotel was built in 2009 and is in outstanding physical condition with virtually no capex needs
The purchase price for the Bardessono Hotel and Spa, after adjusting for the key money, represents an estimated forward 12-month cap rate of 5.2% on net operating income and an estimated forward 12-month EBITDA multiple of 16.5x. On a trailing 12-month basis as of May 31, 2015, the Bardessono Hotel and Spa achieved RevPAR of $554.01, with 81.9% occupancy and an Average Daily Rate (ADR) of $676.12, according to unaudited financial data provided by the sellers.
"We are extremely excited to add this trophy asset to our portfolio," said Monty J. Bennett, Ashford Prime's Chairman and Chief Executive Officer. "The award-winning Bardessono Hotel and Spa provides us with a foothold in Napa Valley, one of the strongest and most desirable lodging markets in the country with very high barriers to entry and minimal new supply. Given the superb quality of this asset just built in 2009, its unique location and extraordinary RevPAR generation – the highest in our portfolio, this property aligns perfectly with Prime's strategy of investing in high quality, high RevPAR assets in gateway and resort markets."
Located in the heart of Yountville, CA, the Bardessono Hotel and Spa is approximately 60 miles north of San Francisco and enjoys a central location in the heart of the Napa Valley, widely acclaimed as the continent's premier wine and culinary destination with over 450 wineries. Known as the "Culinary Capital of the Napa Valley," Yountville boasts an array of restaurants by famed chefs, earning more Michelin stars per capita than any other place in North America. In addition to the valley's traditional wine and dining attractions, the region is also known as a popular leisure destination for hiking, biking, golfing, shopping and festivals.The Bardessono Hotel and Spa was built in 2009, has 62 luxurious rooms and suites and is in outstanding physical condition. Built and operated with a primary focus on green practices, the hotel is the only LEED Platinum certified hotel in California and one of only 3 LEED Platinum certified hotels in the U.S. The hotel offers exceptional amenities, including large, well-appointed guestrooms and suites with private patios/balconies, the acclaimed Lucy restaurant and bar, an on-site spa, fitness center and 6,065 square feet of indoor and outdoor meeting space. The property's outdoor amenities are notable as well, including a rooftop resort-style pool, landscaping and water features, a vegetable garden, high-profile art sculptures and the availability of carbon fiber bicycles and Lexus Hybrid vehicles for guest use. The hotel is on a ground lease that expires in 2105.
Read the full article at HERE. Article courtesy of Hotel News Resource.
Comments
Post a Comment