CBRE Hotels Arranges Sale and Financing of Bardessono Hotel & Spa

Yountville, California – July 9, 2015 – CBRE Hotels is pleased to announce the sale of the award winning Bardessono Hotel & Spa located in the heart of the world renowned Napa Valley in the town of Yountville, California. The long-term leasehold interest in the property was sold to Ashford Hospitality Prime, Inc. for $85 million ($1,370,000 per key). 

The sale closed in July all-cash and the follow-on financing closed in November of 2015. $40 million of floating rate senior financing was originated by Credit Suisse and subsequently conveyed to ACORE Capital. The loan is subordinate to the long-term ground lease held by the Bardessono family.

HIGHLIGHTS:

  • Premier asset in Napa Valley, one of the strongest and most desirable lodging markets in the country with very high barriers to entry and minimal new supply
  • The only California LEED Platinum certified hotel was built in 2009 and is in outstanding physical condition with virtually no capex needs
  • Extraordinary RevPAR of over $550

Henry Bose and Mark McDermott, senior vice presidents with CBRE Hotels in San Francisco, arranged the sale of the asset on behalf of the seller. Marc Sallette with CBRE Hotels’ Debt & Structured Finance team arranged the financing.

CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of more than 265 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. ​