Ohana Real Estate Sells 130-Room Montage Healdsburg Luxury Resort in California’s Wine Country for $265M
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.
“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.