News for the Hospitality Executive
Colliers’ PKF Capital Arranges Sale of Iconic Silverado Resort in Napa
Seller’s Team Uses Local Knowledge
Depth To Overcome Market Challenges
SAN FRANCISCO, July 1, 2010 – Bucking market headwinds and unique deal challenges, a Colliers’ PKF Capital team led by Bob Eaton arranged the sale today of one of the world’s most treasured golf destination resorts, Silverado Resort and Spa in Napa Valley, to a group led by golfing legend Johnny Miller.
“This was more like a honorable transfer than a sale,” says Eaton, PKF Capital’s executive managing director of the Colliers International-owned company. “The family of the late Isao Okawa of Japan was committed to finding the right steward of this legendary property, and they were delighted when we found an ownership group headed by Johnny Miller to take on this responsibility.”
Opened a half century ago, the Silverado Resort sits on 300 lush acres, with more than 400 rentable condominium units, 36 holes of golf, 16 tennis courts, 41,000 square feet of meeting and event space, a 16,000 square-foot spa and a rich legacy that has attracted visitors from around the globe. Former Sega Corporation chairman Isao Okawa bought Silverado in 1989.
For more on Silverado click: http://www.silveradoresort.com/
“Johnny Miller’s new association with Napa and Silverado’s golf will usher in a new era of greatness for the sport in this region,” adds Eaton. Miller won a succession of golf championships in the 1970s and is a San Francisco native who grew up playing golf at Silverado. He is currently an NBC Sports golf analyst and a golf course architect.
Using Local Knowledge, Industry Depth to Close Complex Deal
“Looking back over this six-month process, I don’t think we could have satisfied the seller’s unique requirements without our team’s thorough local knowledge of Northern California’s complex hotel market,” says Henry Bose, managing director, and a member of the PKF Capital team. “A longtime local relationship with the owners’ representatives at the property level, combined with Colliers International’s global network, gave us the winning combination to complete this transaction.”
Says PKF Capital senior managing director Mark McDermott, a deal team member, says, “We were able to assure our client that the Miller Group will expend significant dollars to upgrade and improve the resort and golf facilities. It is a matter of pride for the Okawa family, which has such a special connection with Silverado Country Club members that Mr. Okawa has been commemorated for his contributions with a prominent plaque in the clubhouse.”
Eaton, a former Hyatt executive and an avid golfer, also drew from his understanding of the special challenges of the group business and his familiarity with the property and its operation over decades.
“We knew that since the property’s corporate group market has been under duress because of the recession we would need to position Silverado more as a repositioning opportunity,” says Eaton. “It helps to understand the workings of a complex resort entity that’s also a condo homeowner community, resort, hotel, country club, meetings venue and golf destination.”
About PKF Capital - PKF Capital provides comprehensive multi-service hotel brokerage to the hospitality industry. PKF Capital was formed in early 2007 as a result of the merger of PKF Consulting, one of the premier hospitality consulting firms in the U.S., with Colliers International Hotels.
PKF Capital was created with the vision of a unique platform to serve our clients in the U.S. hotel investment market. This unique platform for delivery of extraordinary client service begins with a team of experience hotel brokers known for their integrity and local market knowledge. Supporting this team are the PKF Consulting and Hospitality Research divisions, which provide current market data and accurate industry operating results, enabling us to deliver the highest quality documentation and solid results. PKF Capital believes successful transactions result from solid fundamentals that include strong market knowledge, market trends, realistic and accurate financial projections, and current understanding of the capital market’s impact on our industry.
The professionals at PKF Capital are available to provide market analysis, broker opinions of value, or to make a personal presentation on the current state of the hospitality market. For further information about the services of PKF Capital or the above transaction, contact: