Two notable properties have changed hands over the past week.
Investment firm Ohana Real Estate Investors has sold the 130-room Montage Healdsburg in California to Sunstone Hotel Investors for $265 million, more than $2 million per key. Ohana will retain ownership of the residential parcels within the property and has already begun constructing homes and selling custom homesites that will be affiliated with the resort.
Montage Healdsburg is a new-build 258-acre resort in Sonoma County. The property has multiple pools, a spa and indoor-outdoor dining options, including a multi-level main restaurant and outdoor bar and grill.
“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,” said James Cole, head of asset management at Ohana. “The City of Healdsburg and Montage have been incredible partners throughout the development process of this truly unique resort, and we look forward to continuing to collaborate with them. Sunstone is a well-respected institutional owner of hotels and we look forward to their ownership of the hotel as we complete the build out of the 68 private residential units.”
This transaction, advised by law firm Dentons, marks the second time Ohana has sold a hotel property for more than $2 million per key. The first sale occurred in Dec. 2019 when Ohana sold Montage Beverly Hills for $2.1 million per key, the highest price-per-key hotel sale in the U.S. at the time. “We believe the high-end hotel sector benefits from attractive long-term supply and demand fundamentals, and we intend to be a net buyer of hotel properties in the coming year as we continue to see compelling investment opportunities,” said Franco Famularo, chief investment officer of Ohana.
Dovetail + Co expanded into Bermuda by acquiring the historic Cambridge Beaches Resort & Spa from Frascati Hotel Company.
Cambridge Beaches Resort & Spa was established on a private 20-acre peninsula 90 years ago, and some of its buildings date to the 1600s. Today, the property has 86 suites with private outdoor spaces and select plunge pools; four beaches; and an infinity edge waterfront pool. Outdoor spaces include five acres of ornamental gardens, tennis courts, a putting green, a croquet lawn and a marina and watersports hub. The hotel also has a historic tavern, poolside restaurants and bars, event spaces and a 10,000 square foot spa with an indoor pool and fitness center.
Dovetail + Co. plans to upgrade the resort’s guestrooms and public spaces while maintaining its sense of history. The property has changed hands only four times since the late 1660s.
“Cambridge Beaches is a magical place, steeped in Bermuda’s history,” said Phil Hospod, founder and CEO of Dovetail + Co. “We are honored to be the new stewards of this esteemed resort. We want to build on the traditions that guests have come to love, while creating a setting that allows them to indulge in Bermuda’s natural beauty, connect with its history, and leave feeling restored. The property has an established reputation as an authentic island retreat offering gracious hospitality. We want to refine it and let the world in on Bermuda’s best kept secret.”
Cambridge Beaches is located in Bermuda’s West End, home to the shopping and entertainment hub at the Royal Navy Dockyard, Horseshoe Bay Beach, Gibbs Hill Lighthouse, and the National Museum of Bermuda.
In the spring of 2020, Dovetail + Co. opened Urban Cowboy Lodge in New York's Catskills and the Wayfinder Hotel in Newport, Rhode Island. Dovetail currently has one project under development on New York City’s Bowery, and a property in Hawaii will become the Wayfinder Waikiki.