San Francisco investor buys Marriott Napa Valley hotel for $100.1 million

The Marriott Napa Valley Hotel & Spa in Napa was sold to a San Francisco-based investor for $100.1 million.

Orlando, Florida-based Xenia Hotels & Resorts in August announced it was preparing to sell the 275-room hotel at 3425 Solano Ave., at the north end of the city, and on Oct. 30 said it had closed the deal. The buyer in the sale, recorded Oct. 29, was KHP V Napa LLC, according to county records.

KHP V Napa is an affiliate of KHP Capital Partners. Based in San Francisco, the 5-year-old private-equity firm has six funds totaling $1.25 billion and focused on “boutique and independent lodging,” according to its website. Those funds have made 50 investments so far, with total asset value of over $2.5 billion.

KHP V is the firm’s currently active fund. Launched in 2018 with $361 million, it has made two investments so far, but it’s unclear currently whether that includes the Napa hotel.

KHP started in 2015 after founders Mike Depatie, Joe Long and Ben Rowe picked up the private equity fund management business formerly managed by Kimpton Hotels & Restaurants after the sale of the hotel management company to InterContinental Hotel Group. Depatie, Long and Rowe were top executives of Kimpton.

Xenia is a self-advised and -administered real estate investment trust that invests in luxury and upper-upscale hotels and resorts, with a focus on the top 25 U.S. lodging and leisure destinations in the United States. As of Oct. 30, it said it owned 37 hotels with 10,749 rooms in 16 states.