Dealmaker: CBRE Hotels Arranges $62M for Napa Valley, Calif. Hotel

CBRE Hotels arranged $62 million in financing for Las Alcobas Napa Valley, in St. Helena, Calif.

CBRE Senior Vice President Marc Sallette and Senior Associate Olga Lepow of CBRE Hotels’ Debt and Structured Finance team in Houston secured the loan for borrower Presidio Cos., Fairfield, Calif.

The five-year floating-rate, non-recourse bridge loan at a 65 percent loan-to-value ratio replaced the construction loan and subordinate financing for the boutique hotel with less than 90 days of operating history.

Goldman Sachs Bank USA, New York, and an affiliate of Ohana Real Estate Investors, Redwood City, Calif., funded the loan.

Located at 1915 Main Street in St. Helena, Las Alcobas fronts the 200-acre Beringer vineyard in Napa Valley. The hotel includes 68 guestrooms with outdoor terraces and vineyard views, 3,900 square feet of meeting space and a 3,600-square-foot full-service spa.

Las Alcobas recently opened 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, constructed as a private residence in 1907, now serves as the hotel’s restaurant.

Las Alcobas Hotels and Resorts is headquartered in Mexico City. The first hotel in its collection was Las Alcobas Mexico City, followed by Las Alcobas Napa Valley.