![]() ![]() ![]() Seven hotels sold last year in Napa County, including the 17-room White House Inn for $10.1 million. And the neighboring 31-room Inn at Cobbler’s Walk, at 8200 North Highway 1, sold for $7.6 million, according to Atlas. The 31-room Glendeven Inn, located at 8205 North Highway 1, sold for $7.7 million. ![]() The next highest number of hotel deals in the North Bay last year were in Mendocino County, with the two largest sales in Little River. “The River Belle is such a lovely property, and I’m excited to add this unique property to our growing portfolio and provide new management and development opportunities for our growing team at Vertice Hospitality,” Tony Greenberg, CEO of Vertice Hospitality, said in a statement first published in The Press Democrat on Oct. In Healdsburg, the River Belle Inn, a seven-room bed and breakfast located at 68 Front St., sold for $7.25 million in a deal that closed Sept. Brookfield Asset Management bought the property for $267.1 million, according to Atlas. The most expensive transaction in the county was the 226-room Fairmont Sonoma Mission Inn, located at 100 Boyes Blvd., in Sonoma. Last year in the North Bay, most of the sales activity took place in Sonoma County, with 16 hotels sold, according to Atlas. “The lack of new supply of hotels combined with upward inflationary pressures are some of the main reasons buyers remain extremely bullish on California hotel investments.” “It seems that there is a large pool of buyers who are willing to purchase quality California hotel deals at prices at, or below, the cost of financing, which is something we have rarely seen before,” Atlas stated in its 2022 Year-End California Hotel Sales Survey, released March 7. After a strong first half of 2022, California hotel sales in the second half of the year were predicted to show a large drop because of increased interest rates and economic uncertainties.īut according to a report by Atlas Hospitality Group, a Newport Beach-based commercial real estate firm specializing in the sale of California hotels, that didn’t happen. ![]()
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