A Yountville resort has set a new Napa County record.
Estate Yountville sold in December for $356.4 million, making it the most expensive hotel property sale to date in the Valley.
Brookfield Asset Management sold the property to Gary Jabara of Boardwalk Investments Group of Newport Beach.
“It’s rare in the real estate industry to find an asset like this in a town like Yountville,” Jabara said Wednesday. “You will never see another project like this in Yountville.”
For Jabara, “We have the opportunity here to have the most incredible five-star boutique experience in the valley – and we will.”
Estate Yountville includes two hotels on 22 acres.
The Vintage Inn at 6541 Washington St. was built in 1985 and offers 80 rooms. The Villagio Inn & Spa, at 6481 Washington St., was built in 1998 and offers 112 rooms. The shopping complex is also part of the sale.
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“I’ve been coming to Yountville for 40 years,” Jabara said. “I love Yountville.”
For Jabara, “Yountville is the culinary capital of the valley. This is the Carmel of Napa Valley.
Jabara said he was already working on plans for the project.
“I have aspirations,” for Estate Yountville, he said. “I’m not happy at all with the way he’s been handled and scored before,” he said. Under his ownership, “You’re going to see a lot of care and attention put into this place.
Jabara said his goal is “to be the friendliest hotel in the valley and to really integrate” the resort with the town of Yountville.
How does he feel to hear that his purchase is the highest ever in Napa Valley?
“I think it’s good to set a new bar,” Jabara said. “I also think it’s inherent in us to make it as fantastic as possible because I’ve invested so much money.”
He noted that he is not a developer. “I own and hold,” properties. “This is a legacy purchase. We’re going to be in it for a very long time.”
Alan X. Reay, commercial real estate and hotel expert with Atlas Hospitality Group, said this deal, along with the sale of the Four Seasons Calistoga (sold in November for $175 million) “shows the very high values that buyers place quality hotels with extremely high barriers to entry.
As part of a $175 million deal, the recently opened resort at 400 Silverado Trail in Calistoga, also known as Four Seasons Napa Valley, will soon be under new ownership.
“Buyers are looking long term and they see Napa Valley as a highly desirable market,” Reay said.
Joe Fischer of commercial real estate Strong & Hayden said he was not surprised by the deal with Yountville.
The previous owner “invested a huge amount of money into renovating the resort’s rooms and amenities,” Fischer noted. “The Town of Yountville and the Valley is a winner in this sale.
“You continue to have owners who will dedicate their time and energy to improving the experience of visitors who come to the valley and who truly represent the blood of our two main economic engines – wine and hospitality.”
“The purchase also underscores the fact that Napa Valley remains a great place for hoteliers to invest their money,” Fischer said. “As we weathered the COVID crisis, the Napa Valley hospitality industry has rebounded remarkably – better than any other place in California.”
Boardwalk Investments Group is not new to Yountville. In 2019, the company paid $110 million to buy the Restoration Hardware complex at 6711 and 6725 Washington St. in Yountville as well as properties in Newport Beach, Laguna Beach and Corona Del Mar.
Estate Yountville was previously sold for $100 million in 2013 and $197 million in 2016.
Younvtille’s Vintage Estate, which includes V Marketplace, Vintage Inn and Villagio Inn & Spa, will soon have a new owner.
The “record” for the most expensive hotel sales may not last long. The Meritage Resort and Spa in Napa and the Vista Collina property are currently for sale. The asking price was not disclosed, but hotel industry experts have estimated it could fetch up to $500 million.
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You can reach reporter Jennifer Huffman at 256-2218 or [email protected]