Ownership of Napa’s The Meritage Resort and Spa restructures, commits to $25 million in renovations
The Busch family and Pacific Hospitality Group have recapitalized The Meritage Resort and Spa in Napa Valley, and will put $25 million into upgrading the property, according to a Wednesday announcement.
“By increasing their ownership, the Busch Family enabled previous investors to exit the property at a significant gain – but to more importantly reinvigorate long-time partners and bring in new equity investors to become part of this iconic flagship resort,” the release stated.
The Business Journal is seeking details about the investors involved in the transaction, which were not disclosed.
Pacific Hospitality Group, which is wholly owned by the Busch family, has been managing the resort since 2004 and will continue to be retained as the management company, according to the release.
The $25 million investment includes renovations of the Meritage Resort’s guestrooms, to be completed next year; and renovations of the meetings and events space, set for completion this coming winter. In addition, a new pop-up French bistro will open this summer, according to the announcement.
The restructuring positions The Meritage to have a record year in revenue, as stated in the release.
“Meritage Resort and Spa is poised to achieve over $90 million in topline revenue in 2022, a flagship year for the resort and a testament to the appeal of Napa Valley and the resurgence of companies looking to meet again,” stated Managing Director Joe Leinacker.
This is a developing story. Please check back for updates.