Olympus Real Estate Partners developed Napa Valley’s Calistoga Ranch 10 years ago and just announced its sale on November 20, 2013. As part of this effort, the resort’s marketing team has already sold all of the property’s 22 residential units.
"We were very pleased to have achieved our real estate sell out earlier this year, which has paved the way for achieving in excess of a million dollar per key for the resort portion of Calistoga Ranch," said Managing Partner of Olympus David B. Deniger.
Being named one of the "Best Hotels in the USA 2013" by U.S. News & World Report and gracing Condé Nast Traveler's Gold List 2013 “The World's Best Places to Stay,” among other accolades, Calistoga Ranch was able to maximize the value of the resort.
The transaction represents one of the highest price per room hotel sales on record in the United States net of future phase development rights," said John Strauss, Managing Director for Jones Lang LaSalle's Hotels & Hospitality Group, adviser to Olympus on the deal.
Jones Lang LaSalle is a premier provider of specialized real estate services to hotels in 70 countries across all market sectors, from budget to luxury, as well as time share and fractional ownership properties, convention centers, and mixed-use facilities. The firm has worked on 4,000 advisory, valuation and asset management projects and totaled almost $25 billion from transactions over just the past five years.
