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Grapes aren't the only thing being picked in California's Napa Valley. Privet Investments LLC and Lighthouse Lodging Group LLC have purchased the 274-room Napa Valley Marriott Hotel & Spa in Napa, Calif. for $36 million. The new owners plan to renovate the property, which also includes two restaurants, a full-service spa and 20,000 square feet of meeting and ballroom space.
"We completed this purchase in an extremely challenging environment where few direct real estate transactions are being consummated," said Michael Cryan, Lighthouse Lodging's president and ceo. "Our ability to move quickly and without a financing contingency allowed us to secure a premium asset at an attractive price significantly below replacement cost, even after factoring in an extensive renovation program that will be executed over the next 18 months. The venture's long-term investment horizon, coupled with Lighthouse Lodging's management expertise, will allow us to unlock the value inherent in the hotel despite the current economic outlook."
Privet Investments is a New York City-based real estate investment firm that pursues office, apartment, retail, industrial and hotel opportunities in select East and West Coast markets. Lighthouse Lodging, headquartered in Pacific Palisades, Calif., is a privately owned hospitality management and equity firm.
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