NAPA — RH, also known as Restoration Hardware, purchased the historic Napa Valley resort in a $25 million deal.
RH has acquired the famous Napa Soda Springs, home to a former resort dating back to 1856, the company’s chief executive Gary Friedman revealed in a conference call with Wall Street analysts this week. Did. The company’s second quarter results.
The site was purchased by an affiliate of RH for $25 million, according to documents filed with the Napa County Recorder’s Office on July 1. This news agency confirmed the purchase deed.
“We just closed 856 acres in Napa Valley,” said Friedman. “It’s probably the most beautiful property in Napa. was estimated at 857 acres.
At the time of the purchase, the purchasing group received a loan of $28.2 million from RH (Restoration Hardware), county documents and database records show.
The final purchase price of $25 million was well below the $50 million that industry experts believed the seller was asking for when the property was put on the market.
Located east of the Silverado Trail and north of the city of Napa, on the edge of the region’s major wineries, the property contains the ruins of an old resort, including castle-like rotunda and other crumbling remains. is left.
RH’s CEO said ambitious plans for a historic old resort are underway as he discusses the company’s recent financial results on a conference call with Wall Street analysts.
“There are still ruins. We plan to build a guesthouse, a residence and a winery here,” Friedman said of the Napa Soda Springs property on a conference call. “We have the best soil in all of Napa Valley.”
Organic farms could be part of an improved facility, Friedman said.
The land just purchased is one of the largest contiguous parcels in the Napa Valley.
The first resort hotel opened on the grounds of Napa Soda Springs in 1856. By 1881, Soda Springs Resort was open to overnight guests.
In the early 20th century, the resort’s popularity declined with the start of Prohibition and the turmoil of World War I. However, the resort continued to sell Napa soda extracted from the on-site springs.
A soda bottling plant survived a fire on site in the 1940s. His second fire at some point in the 1960s destroyed the rest of the building.
Despite the fire, remnants of the rotunda and other interesting structures have survived to this day.
The property is close to world-class renowned wineries along the Silverado Trail and major roads through Napa Valley, as well as an array of fine dining and lodging options.
Based in Corte Madera, RH has launched or is launching guest houses in some of the country’s leading travel destinations.
The company recently opened RH Guesthouse in Manhattan, New York City. The guest house has 6 bedrooms and his 3 suites, with Friedman’s private residence occupying the entire top floor. Private residences may be available for reservation.
Each room and suite at RH Guest House features two full bathrooms, a fully stocked gourmet pantry, an in-room fitness center, and exclusive access to a private rooftop garden, pool, and dining terrace. RH Guest House is located in Manhattan’s famous Meatpacking District.
A luxury destination resort in Colorado is also scheduled for RH Guest House.
“We are already preparing a second ship in Aspen,” Friedman said on a conference call.
An Aspen-based developer named Mark Hunt works with RH on multiple real estate ventures in Aspen. Hunt is also linked to his RH property purchase of Soda Springs Resort land, according to county documents.
RH also looks at the transformation of abandoned properties in Napa. A retailer is turning the old Napa Soda Springs Resort into the crown jewel of a growing real estate empire.
“We build experiences the world has never seen,” Friedman said.