Presidio Lands $62M Bridge Loan for Napa Valley Hotel
- Aug 18, 2017
Presidio Cos. has received a $62 million loan for Las Alcobas Napa Valley, a new luxury hotel in St. Helena, Calif.
CBRE Hotels arranged the financing. Marc Sallette and Olga Lepow of CBRE Hotels’ debt & structured finance team in Houston secured a five-year, floating-rate, non-recourse bridge loan at 65 percent LTV with Goldman Sachs Bank USA and an affiliate of Ohana Real Estate Investors. The money replaces the construction loan and subordinate financing for the hotel with less than 90 days of operating history.
“Lenders appreciate the intrinsic value of the luxury boutique hotel real estate in Napa. Lenders were willing to compete for the opportunity to finance this specific asset given the unique attributes and competitive advantages,” Sallette told Commercial Property Executive. “The hotel was also developed at a cost significantly below its ‘as-complete’ value.”
Located at 1915 Main St., Las Alcobas Napa Valley features 68 guestrooms with outdoor terraces and vineyard views, 3,900 square feet of meeting space, an outdoor heated swimming pool and a 3,600-square-foot full-service spa.
“St. Helena is a very upscale, exclusive and refined Napa Valley Destination,” Sallette said. “Having a 200-acre vineyard complex, including a historic mansion and wine making facilities next door, as well as being walking distance to Main St., coupled with the Culinary Institute of America complex, creates a set of unique experiences all within walking distance.”
Historic appeal, high-end finishes
Las Alcobas Napa Valley opened earlier this summer after a complete renovation and repositioning of its historical building, Acacia House, and the construction of six new buildings to form a luxury resort.
The Acacia House was originally constructed as a private residence in 1907 and serves as the hotel’s restaurant today, boasting celebrity chef Chris Cosentino and his Napa-inspired menu.
According to Sallette, there are many things appealing about the hotel. It’s a fabulous location, immediately adjacent to and overlooking the Beringer Vineyards; offers award-winning design and luxury finishes; huge guestrooms and outdoor terraces; a celebrity chef restaurant; incredible meeting space for high-end corporate and social events; a full-service spa; and is in walking distance to downtown St. Helena.
Yabu Pushelberg designed the hotel’s interiors, while the hotel’s design and direction was guided by Las Alcobas Hotels & Resorts and is affiliated with Marriott’s Luxury Collection.