NAPA, Calif., Dec. 21 /PRNewswire-FirstCall/ -- The Westin(R) Verasa Napa Residences, the city's first branded condominium-hotel development attracted suite purchases valued at more than $60-million earlier this month. This first-release sell-out represents nearly double the Napa Valley's total condominium transactions for the year, confirms Playground Destination Properties Inc., the real estate marketing company managing sales on behalf of developer, Intrawest Placemaking.
"We have witnessed eager anticipation grow into overwhelming demand for this unique destination property," said Benno Nager, VP Development Intrawest Placemaking. "This is the largest recreational residence release of its kind in Napa's history. While Intrawest pioneered the condominium-hotel concept decades ago, this is the first of its kind in the Napa Valley. Breaking all the previous downtown real estate sales records represents a great milestone for future residents, the city of Napa and the team behind this exciting project."
With a downtown, riverfront district renaissance underway in the City of Napa, The Westin Verasa Napa Residences represent an impressive cornerstone of an exciting community future.
"The Westin Verasa Hotel will deliver the upscale travel experience many visitors to the Napa Valley desire," says Napa Mayor Jill Techel. "With its location on the Napa River Parkway and in Downtown Napa's Cultural Arts District, it will become a great place to experience the wine country's fine dining, wine tasting, shopping and arts activities. The Westin Verasa is an important addition to Napa's downtown vibrant riverfront scene."
The Westin Verasa Napa Residences is the first full-service property of its kind to be introduced to Napa in nearly five years. The hotel broke ground on November 4. When complete, it will consist of 160 suites, including 38 spacious two-bedroom suites, 72 one-bedroom suites and 50 studios opening Winter 2008/09.
The Westin Verasa Napa Residences is located next to the Oxbow Public Market, which broke ground in late September. This 40,000-square-foot marketplace includes a scenic outdoor deck with seating along the Napa River, and a diverse mixture of local food vendors, artisan cafes and organic farm stands.
"Owners and guests of Westin Verasa Napa Residences will relish not only the majestic beauty and diversity of recreational experiences in the Napa Valley, but also the opportunity to renew body and soul, characterized by extraordinary service and the gentle influences of nature," said Sue Brush, senior vice president of Westin Hotels & Resorts.
Designed to reflect and embrace the natural and architectural influences of the Napa region, the property will feature bay windows, timbered elements and accents of stone, concrete and wood, highlighting the exterior structure. Attractions in the Napa Valley include touring the area's renowned wineries, golfing at Napa's distinctive courses, and even hot air ballooning to view the valley's breathtaking vistas.
The grounds will offer a stunning retreat, featuring an expansive pool courtyard, a bocce ball courtyard, a Zen courtyard, beautifully manicured landscaping and a south wing that opens to the Napa River. The property will also feature a four-star restaurant, a spacious wine bar, and more than 5,000 square-feet of meeting and conference space. A pool, hot tub, fitness center, valet and concierge service, and easy access to river paths name a few of the indulgences awaiting Napa's newest residents.
The Westin hotel will be managed by Intrawest Hospitality Management under a license arrangement with Starwood Hotels & Resort. The Westin Verasa Napa Residences will be the fifth Westin property managed by Intrawest Hospitality Management, joining The Westin Trillium House at Blue Mountain in Ontario and The Westin Resort and Spa at Tremblant, Quebec, as well as two additional projects still under construction -- The Westin Monache in Mammoth Lakes, California, expected to open in fall 2007, and The Westin Imagine Orlando Residences in Orlando, Florida slated to open in early 2008.
IHM is a world class hotel operator, delivering exemplary service by focusing on three constituents: owners, guests and associates. The company is highly sales driven, recognizing that achieving outstanding top-line results is the first step to exceeding expectations. Leveraging its track record, expertise and superior competitive intelligence, IHM is committed to providing a truly extraordinary Westin experience.
Owners will benefit from Intrawest's commitment to offering exceptional homes in alluring destinations, by being treated to exclusive attention from the Residences Owner Experience Manager. Services provided include Suite reservations and pre-arrival planning, 24-hour experience management, and a liaison with hotel operations for special requests including personal event planning, all in complement to Westin's exceptional service and signature amenities.
From its inception, the City of Napa and its business and residential community embraced The Westin Verasa Napa project as an important partner in contributing to the region's resurgence. Intrawest, Westin and the City of Napa are proud to welcome the new home owners to Napa and look forward to the pending release of the remaining suites.
About Intrawest
About Westin Hotels & Resorts
About Playground Destination Properties Inc.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)
Playground Destination Properties Inc.; Starwood Hotels & Resorts
