NEW YORK/LOS ANGELES – May 28, 2009 — Privet Investments LLC and Lighthouse Lodging Group LLC purchased the 274-room Napa Valley Marriott Hotel & Spa for $36 million on May 20th, 2009. The hotel includes two restaurants, a full-service spa and 20,000 square feet of meeting and ballroom space. The Napa Valley Marriott Hotel & Spa is located in the center of Napa Valley, California, and features convenient access to Highway 29 and over 300 wineries, restaurants and other amenities. It is a premier destination for both leisure travelers visiting the Napa Valley Wine Country and business groups desiring a meeting venue in a prime location.
"The Privet Investments and Lighthouse Lodging venture was able to complete the purchase in an extremely challenging environment where few direct real estate transactions are being consummated. Our ability to move quickly and without a financing contingency allowed us to secure a premium asset at an attractive price significantly below replacement cost, even after factoring in an extensive renovation program that will be executed over the next 18 months." said Michael Cryan, Chief Executive Officer and President of Lighthouse Lodging. Cryan continued, "The venture’s long-term investment horizon, coupled with Lighthouse Lodging’s management expertise, will allow us to unlock the value inherent in the hotel despite the current economic outlook."
Privet Investments is a New York City-based real estate investment firm that actively pursues office, apartment, retail, industrial and hotel opportunities in select East and West Coast markets of the United States. Privet Investments is a well-capitalized, long-term investor and invests directly or with highly reputable and experienced operating partners that have proven track records of creating value through active management.
Lighthouse Lodging, headquartered in Pacific Palisades, California, is a privately owned hospitality management and equity firm led by Cryan, an industry veteran with over 30 years of experience in hotel operations and finance. Co-founder and Chief Financial Officer Brian Alonge, Senior Vice President of Operations Jim Kerrigan and Senior Vice President of Sales and Marketing Mark Goeman round out the executive team at Lighthouse Lodging.
For information regarding the Napa Valley Marriott Hotel & Spa, please visit the hotel’s website at www.napavalleymarriott.com. For further information on the hotel’s new ownership, contact Michael Cryan or Brian Alonge of Lighthouse Lodging Group at 310-775-8500.
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