The Four Seasons hotel in Napa Valley changed hands in the second-priciest lodging deal in U.S. history.
Sunstone Hotel Investors agreed to pay $175 million, or about $2.1 million per room, to buy the 85-room luxury hotel from Alcion Ventures, the Wall Street Journal reported. The only pricier deal was Hyatt Hotels Corp.’s purchase of the Ventana Big Sur resort earlier this year for $2.5 million a room, the Journal said, citing data from CoStar Group.
It was Sunstone’s second California resort purchase this year after paying $265 million for the Montage Healdsburg in Sonoma. That worked out to just above $2 million a room.
Luxury properties have outperformed during the pandemic, especially in areas that lack such developments. California wine country has drawn buyers after the 2017 wildfires.
Four Seasons Napa Valley opened Oct. 1 with some of the highest room rates in the country. Single guest rooms go for just under $2,000 per night, according to the hotel’s website. The hotel also includes multi-bedroom suites that cost more than $4,000 per night and one specialty suite that can accommodate up to eight guests.
The hotel is located at the base of Mount St. Helena, within a functioning winery, and is surrounded by hundreds of acres of vineyards.
People familiar with the deal said the sale should close in the fourth quarter.
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[WSJ] — Victoria Pruitt