Olympus Real Estate Partners has sold the Calistoga Ranch resort in Napa Valley, California at the highest price per room for a standalone hotel in the US this year, according to Jones Lang LaSalle, which brokered the deal. The 50-room luxury property sold to a partnership between resort operator Auberge Resorts and hotel development and investment firm AJ Capital Partners for more than $1 million per room, making the total purchase price just north of $50 million.
Addison, Texas-based Olympus developed the 157-acre property in 2004. In April, the real estate investment firm sold out the 22-unit residential component of Calistoga Ranch, and the completion of the disposition “paved the way for achieving in excess of one million dollars per key for the resort portion,” according to a statement from David Deniger, managing partner at Olympus.
Calistoga Ranch includes a private restaurant and spa, two pools, hiking trails, a fitness center and a private vineyard and wine cave. It was named one of the ‘Best Hotels in the USA 2013’ by US News & World Report and ranked on Condé Nast Traveler’s Gold List 2013: ‘The World’s Best Places to Stay.’
“Calistoga Ranch has become one of the most unique and best regarded hotels in the US,” said John Strauss, managing director at Jones Lang LaSalle, in a statement. “The Calistoga Ranch experience, coupled with the cachet of Napa and its excellent underlying market supply and demand fundamentals, has enabled Olympus to maximize the sale price. The transaction represents one of the highest per room hotel sales on record in the US, net of future phase development rights.”
Auberge currently operates nine hotels, resorts and private clubs in California, South Carolina, Colorado,
Oregon, Mexico and Anguilla. The company operated Calistoga Ranch prior to acquiring the property from Olympus.