May 16, 2017 Comments Off on Dallas Hotel Investor Acquires Second Wine Country Property Views: 401 Bay Area, California News

Dallas Hotel Investor Acquires Second Wine Country Property

Dallas-based Ashford Hospitality Prime acquired Hotel Yountville for $96.5 million or $1.2 million per key. The property at 6462 Washington St. in Yountville, CA had been held by a joint venture between Wine Country developer George Altamura and Napa, CA-based The Doctor’s Company.

Concurrent with the completion of the acquisition, Ashford financed the 80-room hotel with a $51-million, non-recourse mortgage loan. The interest-only loan provides for a floating interest rate of LIBOR plus 2.55%, with a five-year term.

Ashford said, on a forward 12-month basis, the purchase price represents an estimated capitalization rate of 6.8%, on estimated hotel net operating income of $6.5 million and an estimated 13.4x hotel EBITDA multiple.

The property will be managed by Remington Lodging. The REIT’s Bay Area portfolio also includes the Bardessono Hotel and Spa in Yountville, and the Courtyard San Francisco Downtown Hotel.

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