Napa hotel lands $62M loan

CBRE Hotels announced that it has arranged $62 million in financing for Las Alcobas Napa Valley, in St. Helena.

The five-year loan was arranged to replace the construction loan and subordinate financing for the luxury hotel which opened in May.

Goldman Sachs Bank USA and an affiliate of Ohana Real Estate Investors served as the lenders.

CBRE brokered the loan on behalf of the borrower, Presidio Companies, according to Marc Sallette, senior vice president of CBRE Hotels’ Debt & Structured Finance.

The hotel, situated next to Beringer Vineyards on Main Street, is now said to be valued at $92 million.

The deal closed July 28.

The hotel, formerly known as Grandview Hotel & Spa, recently underwent a complete renovation, and now features 68 guestrooms with outdoor terraces and vineyard views, 3,900-square feet of meeting space, an outdoor heated swimming pool, and a full-service spa.

The multimillion-dollar renovation is a joint venture between Presidio and Las Alcobas Hotel Group.

The hotel’s interiors were designed by the international firm Yabu Pushelberg, and the hotel’s design and direction was guided by Las Alcobas Hotels & Resorts and is affiliated with Marriott’s Luxury Collection.