Napa Valley Marriott Purchased For $ 72 Million

Napa Valley Marriott Purchased For $ 72 Million :Napa Valley Marriott Hotel & Spa has been sold to Illinois-based real estate group $ 72 million, or about $ 261,000 Fri key. Inland American Lodging Group, a wholly owned subsidiary of Oak Brook, Illinois-based Inland American real estate, announced the acquisition of late Wednesday, only months after the 275-room hotel was Solano Ave 7, $ 3 million renovation, including upgraded concierge rooms 85. The hotel sits on 9.3 acres and is approximately 11,000 square feet. “The Napa Valley Marriott is an excellent addition to our portfolio in a key destination market in Northern California, a region not heavily represented in Inland American’s lodging portfolio,” said Marcel Verbaas, president and CEO of Inland American Lodging. “This acquisition represents our seventh full-service Marriott, as we continue to strategically reposition our portfolio with more full-service and luxury hotels in premier markets.” It’s the first Marriott for the group in Northern California. The hotel, built in 1979, was purchased in 2009 by Pivet Investments LLC and Lighthouse Lodging LLC for $ 36 million. Housing Lighthouse continue to manage the hotel. The hotel is next to the Oakland Raiders installation of pre-season training camp and allowed the team more than a decade. Inland American said it was previously difficult to gain a foothold of the Napa Valley hotel market, and that the acquisition will help it overcome certain barriers. “Napa Valley also presents significant barriers to entry for new hotel supply due to a lack of suitable development sites. As a result, only a handful of lodging properties are located within the city of Napa,” it said in announcing the purchase. Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. It currently controls 105 hotels of different brands in Marriott, Hilton, Starwood, Hyatt, Fairmont, Wyndham, Choice, and IHG brands, which are controlled by or a brand manager or an independent third-party management company. Inland American real estate trust owns, directly or indirectly through joint ventures in which he has control of, 981 properties, representing approximately 48 million square feet of commercial, industrial and office buildings, multi-family units in 9790 and 15 564 rooms hotel.