OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Lodging Group, Inc., a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), announced today that it has acquired the Napa Valley Marriott Hotel and Spa for $72 million, or approximately $261,000/key. The property is a 275-room upscale retreat located in the heart of Napa Valley, California’s prestigious wine country, on a spacious 9.3-acre site. The Napa Valley Marriott offers luxury amenities including oversized guest rooms, a full-service spa, approximately 11,000 square feet of meeting space and an outdoor heated pool. Opened in 1979, the hotel completed a $7.3 million ($26,500 per key) renovation in March 2011.
"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, Inland American Lodging Advisor, Inc. “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.”
In conjunction with the recent renovation, the Napa Valley Marriott completed the upgrade of 85 concierge rooms. The rooms feature specialized services and amenities including access to the concierge suite and complimentary breakfast and appetizers. The hotel is located adjacent to the pre-season training camp facility for the Oakland Raiders of the National Football League and has hosted the team for over a decade. Verbaas continues, “The hotel’s preferred location, excellent service and the Marriott brand have enabled the property to consistently achieve strong, top-line performance.”
Napa Valley is renowned for its world-class wine and celebrated dining. Located one hour from San Francisco and 90 minutes from Silicon Valley, over 4 million visitors come to the region annually. 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.
The hotel will continue to be managed by Lighthouse Lodging Group.
About Inland American Lodging Advisor, Inc.
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. Inland American Lodging Advisor, Inc. currently oversees 105 hotels branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Wyndham, IHG and Choice brands that are managed either by the brand’s managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of June 30, 2011 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 981 properties, representing approximately 48 million square feet of retail, industrial and office properties, 9,790 multi-family units and 15,564 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
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