Ashford Hospitality Prime has acquired a leasehold interest in the Bardessono Hotel and Spa in Yountville, California for $85 million.
Purchase of the 62-room hotel was funded by proceeds from the company’s preferred stock offering, cash on hand, and $2 million in key money provided by Ashford. As of the end of May, the hotel achieved RevPAR of $554.01, an occupancy rate of 81.9 percent, and an ADR of $676.12.
“We are extremely excited to add this trophy asset to our portfolio,” says Monty J. Bennett, chairman and CEO of Ashford Prime. “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.”
On a ground lease that expires this year, the property will be managed by Remington Lodging after transitioning from the existing management team.
The Bardessono Hotel and Spa’s Yountville location in Napa Valley is renowned for its culinary offerings, which have earned more Michelin stars per capita than any other area in North America.
The hotel is also the only LEED Platinum certified hotel in California and one of only three LEED Platinum certified hotels in the U.S.
Amenities include Lucy restaurant and bar, a spa, fitness center, 6,065 square feet of indoor and outdoor meeting space, and a rooftop resort-style pool. Guests also have access to carbon fiber bicycles and Lexus hybrid vehicles.
