Bill Foley Buys Sizable Share of Napa Valley Hotel Calistoga RanchNovember 15, 2013
Finance executive and winery owner Bill Foley has closed a deal to purchase a large stake in the Calistoga Ranch in Napa Valley, Wine Spectator reports. The hotel is currently owned and managed by Auberge Resorts, the holder of several other luxury properties, including nearby Auberge du Soleil. “We were looking for a new investor in the property and Bill was head and shoulders above the rest,” said Auberge CEO Mark Harmon. Auberge will continue to operate the property. The purchase price was not disclosed.
Located on 157 acres of oak trees and streams, Calistoga Ranch has been a popular upscale retreat for Napa Valley visitors for years. The property recently underwent a six-month, $22 million renovation. There are now 57 rooms, seven residences that owners can rent out and two restaurants.
Foley is also planning on adding a tasting room to the facility. He already owns a hotel in Santa Barbara County, Bacara, where he promotes his wines as well as those of his neighbors. He plans to adopt a similar approach in Calistoga. “I have three wineries in Napa, four in Sonoma and one in Lake County,” he told Wine Spectator. “I’m trying to create a cross-marketing opportunity.”Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.