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May 27, 2024
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Ohana Real Estate Acquires the Claremont Hotel & Spa in $163 Mil Transaction


Redwood city-based Ohana Real Estate acquired the Claremont Hotel & Spa, a 276-room hotel property in Claremont, in a deal worth $163 mil ($591k/room). The asset is managed by Fairmont Hotels.

The property was sold by Toronto-based FRHI Hotels & Resorts and The Blum Group in an all-cash deal. They acquired the property in 2014 for $86 mil and then conducted an extensive renovation of the hotel.

The 108-year-old asset sits on 22 acres at 41 Tunnel Rd, at the edge of the Berkeley Hills in the East Bay. The property consists of a 20k sf health club and spa constructed in 1915 and that currently boasts around 1,500 members. The resort also has multiple pools and tennis courts.

According to The Real Deal, the property had been financed with a $120 mil CMBS loan, which was refinanced in 2019 for $125 mil and was set to mature in July. They report that the asset was appraised last July for $182.8 mil.

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