The ownership is about to change hands at one upscale Napa Valley lodging property and another is now listed for sale.
Napa’s Carneros Inn luxury resort has been listed for sale and the sale of downtown’s Andaz Hotel is pending, according to an industry newsletter.
A sale price for the Carneros Inn was not given, but the estimated value for the 27-acre property was listed at $60 million, the Real Estate Alert publication said.
The pending sale price for the Andaz Napa is $70 million, according to the newsletter. The buyer is not yet publicly identified.
The seller for the Carneros Inn wasn’t identified, but according to County Assessor documents, the property is owned by Carneros Inn LLC.
Keith Rogal was the developer of the high-end project, which was built in 2003 at the site of a former trailer park near the intersection of highways 12 and 121.
Rogal could not be reached for comment Wednesday.
The Carneros Inn is managed by the PlumpJack Group. Key members of that organization include Lt, Gov. Gavin Newsom; Hilary Newsom, president of the group; and Philip Kendall, vice president of resort operations, according to the PlumpJack Group website.
The Carneros Inn property includes approximately 86 units, from smaller cottages to larger suites, as well as 24 private homes, according to the inn’s website. Home prices were reported to start at $1 million, according to a 2004 Napa Valley Register story about the resort. The popular Boon Fly Café is also located on site.
Nightly stays at the high-end resort range from approximately $400 to more than $2,500 a night, according to the Carneros Inn website.
The development was reported to cost $70 million when it first opened. A 2006 expansion added a number of other cottages, a conference center, a new restaurant, town plaza, pools and outdoor pavilion. That addition was reported to cost $30 million.
A representative from listing broker Eastdil Secured and Philip Kendall from the Carneros Inn did not return phone calls for comment on this story. Hilary Newsom of the PlumpJack Group could not be reached for comment.
A new owner for Andaz Napa comes after several years of changes at the downtown hotel. Andaz Napa originally opened in 2009 as an Avia brand hotel. In 2011, Hyatt Hotels bought 20 hotels, including the Avia Napa, from Avia’s parent company LodgeWorks for $661 million.
In 2012, the Avia hotel was renamed Andaz Napa. In April, Hyatt Hotels listed the 141-room hotel for sale.
Prices for the Andaz hotel and Carneros Inn can also be compared on a per room basis. With 141 rooms, the price per room at Andaz equals $496,000. Not including the 24 private homes, the price per room at the Carneros Inn equals $698,000.
Regionally, sales of San Francisco-area hotels are on pace to at least match last year’s $867 million tally, according to Real Estate Alert’s Deal Database, which tracks trades of at least $25 million. That’s still well below the $1.5 billion record, set in 2006.
The virtual absence of hotel construction since 2008 has kept a lid on growth, according to Real Estate Alert.