A Dallas-based hospitality company plans to buy the 80-room Hotel Yountville for $96.5 million.
Ashford Hospitality Prime, a real estate investment trust focused on investing in luxury hotels and resorts, also acquired the nearby Bardessono Hotel & Spa, in Yountville, in 2015.
The deal is expected to close within 60 days.
“The acquisition of the highly-acclaimed Hotel Yountville fits perfectly with Prime’s strategy of owning luxury hotels and resorts,” said Richard J. Stockton, Ashford Prime’s CEO, in the announcement Wednesday. “This transaction presented a great opportunity for us given the quality of this asset and its unique location in an attractive market in the Napa Valley with high barriers to entry. We expect to achieve improvements in the performance of this hotel given the operating synergies with our nearby Bardessono property.”
The Hotel Yountville was originally built in 1998 and in 2011 underwent a multimillion-dollar expansion and renovation. It upgraded the guestrooms and added 29 more plus a restaurant, spa, meeting and event space, outdoor pool, and lounge patio.
Last year, Hotel Yountville had 87.8 percent occupancy, an average daily rate of $534 and revenue per room of $469, according to the sellers. The hotel is co-owned by George Altamura, a Napa Valley developer and real estate investor, and partners include Napa-based The Doctor’s Company.
When the deal is complete, the property will be managed by Remington Hotels, also based in Dallas. Remington has managed the Bardessono since that purchase and will help streamline operations between the two facilities, according to Ashford.