Calistoga Ranch Sells at Record Price per Room
NAPA, Calif., Nov. 20, 2013
NAPA, Calif., Nov. 20, 2013 /PRNewswire/ --Nestled in a secluded Upper Napa
Valley canyon on 157-acres of oak-lined frontage in California is the renowned
resort-destination Calistoga Ranch. The 50-room, ultra-luxury resort was
developed 10 years ago by Olympus Real Estate Partners (Olympus). Jones Lang
LaSalle's Hotels & Hospitality Group today announces the sale of Calistoga
Ranch on behalf of Olympus.
Olympus previously sold out the 22-unit residential component of the project
led by the Calistoga Ranch marketing team of Laurie Cameron and Joshua
Dempsey. That completion allowed for the focused marketing of the resort.
"We were very pleased to have achieved our real estate sell out earlier this
year which has paved the way for achieving in excess of a million dollar per
key for the resort portion of Calistoga Ranch," said David B. Deniger,
Managing Partner of Olympus.
Calistoga Ranch has become one of the most unique and best regarded hotels in
the United States. The Calistoga Ranch experience coupled with the cachet of
Napa and its excellent underlying market supply and demand fundamentals have
enabled Olympus to maximize the sale price.
"The transaction represents one of the highest price per room hotel sales on
record in the United States net of future phase development rights," said John
Strauss, Managing Director for Jones Lang LaSalle, who advised Olympus on the
Calistoga Ranch includes a private restaurant and award-winning spa; other
resort amenities and perks include two pools featuring dramatic views of the
resort's private vineyards and oak groves and 140 acres of land dedicated to
hiking and active pursuits. Calistoga Ranch has enjoyed high praise from
respected travel advisors and the elite traveling public, and is a Four-Star
Rated Hotel and Spa by Forbes Travel Guide. The hotel was also named as one of
the "Best Hotels in the USA 2013" by U.S. News & World Report, and ranked on
Conde Nast Traveler's Gold List 2013 The World's Best Places to Stay.
Jones Lang LaSalle's Hotels & Hospitality Group serves as the hospitality
industry's global leader in real estate services for luxury, upscale, select
service and budget hotels; timeshare and fractional ownership properties;
convention centers; mixed-use developments and other hospitality properties.
The firm's more than 265 dedicated hotel and hospitality experts partner with
investors and owner/operators around the globe to support and shape investment
strategies that deliver maximum value throughout the entire lifecycle of an
asset. In the last five years, the team completed more transactions than any
other hotels and hospitality real estate advisor in the world totaling nearly
US$25 billion, while also completing approximately 4,000 advisory, valuation
and asset management assignments. The group's hotels and hospitality
specialists provide independent and expert advice to clients, backed by
For more news, videos and research from Jones Lang LaSalle's Hotels &
Hospitality Group, please visit: www.jll.com/hospitality or download the
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment
management firm offering specialized real estate services to clients seeking
increased value by owning, occupying and investing in real estate. With annual
revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more
than 1,000 locations worldwide. On behalf of its clients, the firm provides
management and real estate outsourcing services to a property portfolio of 2.6
billion square feet and completed $63 billion in sales, acquisitions and
finance transactions in 2012. Its investment management business, LaSalle
Investment Management, has $46.7 billion of real estate assets under
management. For further information, visit www.jll.com.
About Olympus Real Estate Partners
Olympus Real Estate Partners was the owner of Calistoga Ranch and is a leading
private investment firm, which at its peak managed more than $5 billion in
U.S. real estate holdings since its inception in 1994. Investments have
included hotels, golf courses, commercial and residential developments
including The Preserve in Carmel, California and the Roaring Fork Club in
Colorado. Olympus Real Estate Partners has made investments on behalf some of
the largest U.S. public and private pension funds, as well as endowments,
foundations, corporations and financial institutions.
SOURCE Olympus Real Estate Partners
Contact: Paige Steers, Senior Vice President of Public Relations, Jones Lang
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