Press release from PR Newswire
Calistoga Ranch Sells at Record Price per Room
Wednesday, November 20, 2013
Calistoga Ranch Sells at Record Price per Room13:11 EST Wednesday, November 20, 2013
NAPA, Calif., Nov. 20, 2013 /PRNewswire/ -- Nestled in a secluded Upper Napa Valley canyon on 157-acres of oak-lined frontage in California is the renowned resort-destination Calistoga Ranch. The 50-room, ultra-luxury resort was developed 10 years ago by Olympus Real Estate Partners (Olympus). Jones Lang LaSalle's Hotels & Hospitality Group today announces the sale of Calistoga Ranch on behalf of Olympus.
Olympus previously sold out the 22-unit residential component of the project led by the Calistoga Ranch marketing team of Laurie Cameron and Joshua Dempsey. That completion allowed for the focused marketing of the resort.
"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 David B. Deniger, Managing Partner of Olympus.
Calistoga Ranch has become one of the most unique and best regarded hotels in the United States. The Calistoga Ranch experience coupled with the cachet of Napa and its excellent underlying market supply and demand fundamentals have enabled Olympus to maximize the sale price.
"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, who advised Olympus on the transaction.
Calistoga Ranch includes a private restaurant and award-winning spa; other resort amenities and perks include two pools featuring dramatic views of the resort's private vineyards and oak groves and 140 acres of land dedicated to hiking and active pursuits. Calistoga Ranch has enjoyed high praise from respected travel advisors and the elite traveling public, and is a Four-Star Rated Hotel and Spa by Forbes Travel Guide. The hotel was also named as one of the "Best Hotels in the USA 2013" by U.S. News & World Report, and ranked on Conde Nast Traveler's Gold List 2013 The World's Best Places to Stay.
Jones Lang LaSalle's Hotels & Hospitality Group serves as the hospitality industry's global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm's more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group's hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from Jones Lang LaSalle's Hotels & Hospitality Group, please visit: www.jll.com/hospitality or download the Hotels & Hospitality Group's app from the App Store.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
About Olympus Real Estate Partners
Olympus Real Estate Partners was the owner of Calistoga Ranch and is a leading private investment firm, which at its peak managed more than $5 billion in U.S. real estate holdings since its inception in 1994. Investments have included hotels, golf courses, commercial and residential developments including The Preserve in Carmel, California and the Roaring Fork Club in Colorado. Olympus Real Estate Partners has made investments on behalf some of the largest U.S. public and private pension funds, as well as endowments, foundations, corporations and financial institutions.
SOURCE Olympus Real Estate Partners
For further information: Paige Steers, Senior Vice President of Public Relations, Jones Lang LaSalle, 312-228-2797