HEALDSBURG, CALIF. — Ohana Real Estate Investors has sold the Montage Healdsburg, a 130-room luxury hotel located within California’s Sonoma County wine country. Sunstone Hotel Investors Inc. (NYSE: SHO) bought the resort for $265 million, more than $2 million per key.
Montage Healdsburg is a newly built, 258-acre resort situated within walking distance of downtown Healdsburg. The property offers bungalow-style guest rooms and suites alongside shared amenities including a full-service spa; multiple swimming pools; an archery range; pickleball courts; bocce ball; dining options including a multi-level main restaurant and an outdoor bar and grill overlooking the resort’s vineyards; and meeting and event space.
The property also offers a number of 4,500-square-foot, move-in-ready residences titled Harvest Homes, which feature four bedrooms with bed-to-bath parity. Ohana will retain ownership of the residential parcels within the property, and has begun constructing homes and selling custom homesites affiliated with the resort.
Montage Healdsburg offers bungalow-style guest rooms and suites.
“This sale reflects the strong interest from investors in best-in-class, leisure-oriented resorts as the hotel industry begins to recover from the effects of the COVID-19 pandemic,” says James Cole, head of asset management at Ohana.
Dentons was legal advisor to Ohana on the transaction.
This disposition marks Ohana’s second sale of a hotel property for more than $2 million per key. The firm sold the Montage Beverly Hills for $2.1 million per key in December 2019 — the highest price-per-key hotel sale in the U.S. at the time, according to Ohana. The Redwood City, California-based investment firm focuses exclusively on the luxury hospitality space.
Irvine, Calif.-based Sunstone Hotel Investors Inc. is a lodging real estate investment trust with interest in 18 hotels comprising 9,147 rooms, the majority of which are operated under major national brands. The company’s stock price closed at $13.24 per share on Wednesday, April 28, up from $9.02 one year ago.
—Katie Sloan