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YOUNTVILLE

Yountville hotel complex sets new price record: $356 million

Villagio Inn and Spa

The Villagio Inn and Spa in Yountville along with sister properties on Washington Street recentlyl sold for $356 million.

A Yountville hotel complex has set a new record in Napa County.

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 business to find an asset like this in a town like Yountville,” Jabara said on Wednesday. "You’re not going to see another project like this in Yountville ever.”

To Jabara, “We have an opportunity here to have the most amazing 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 retail complex is also part of the sale.

“I’ve been coming to Yountville for 40 years,” said Jabara. “I love Yountville.”

To Jabara, “Yountville is the culinary capital of the Valley. It’s the Carmel of Napa Valley.”

Jabara said he’s already working on plans for the project.

“I have aspirations," for Estate Yountville, he said. “I am not at all happy the way it’s been managed previously and branded previously,” he said. Under his ownership, “You’re going to see a lot of care and attention taken to this place.”

Jabara said his goal is “to be the friendliest hotel in the Valley and to really integrate” the hotel complex with the town of Yountville.

What does he think about hearing his purchase is the highest yet recorded in Napa Valley?

“I think it’s good to set a new bar,” said Jabara. “I also think it’s inherent upon us to make it as fantastic as it can be because I have invested that much money.”

He noted that he’s not a developer. “I own and hold," properties. "This is a legacy purchase. We’re going to be there a very long time.”

Hotel and commercial real estate expert Alan X. Reay of Atlas Hospitality Group said that this deal, together with the sale of the Four Seasons Calistoga (sold in November for $175 million) “shows the very high values buyers are putting on quality hotels in prime locations with extremely high barriers to entry.”

“Buyers are looking long term and they view the Napa Valley as a highly desirable market,” said Reay.

Joe Fischer of Strong & Hayden commercial real estate said he was not surprised about the Yountville deal.

The previous owner “poured a huge amount of money into renovating the rooms and amenities of the resort,” noted Fischer. “The town of Yountville and the Valley is a winner in this sale.

"You continue to have owners that will pour their time and energy into enhancing the experience of the visitors that come to the Valley that really represent the life blood of our two primary economic drivers — wine and hospitality.”

“The purchase also underlines the fact that the Napa Valley remains a great place for hoteliers to invest their money,” said Fischer. “As we have moved through the COVID crisis, Napa Valley’s 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 previously sold for $100 million in 2013 and $197 million in 2016.

The most expensive hotel sale “record” may not stand for long. Napa’s Meritage Resort and Spa and Vista Collina property is currently for sale. An asking price was not disclosed but hotel industry experts estimated that it could bring as much as $500 million.

You can reach reporter Jennifer Huffman at 256-2218 or jhuffman@napanews.com

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