US real estate investor Waterton has acquired Houndstooth Inn, a 13-key bed and breakfast property with a development site, in Oakhurst, California for an undisclosed sum.
Waterton, which is investing on behalf of an unnamed high-net-worth client, acquired the assets from a local family.
Argosy Real Estate Partners is backing the project as a limited financial partner. The redevelopment of the property will include the construction of 108 cabins and 14 hotel rooms that are above 12,500sqft clubhouse space with room to host 690 guests.
David Butler, co-CEO and managing partner of Argosy, said: “We believe this project, our entry into the outdoor-inspired, lifestyle select-service hospitality category, will provide our guests a unique lodging experience in close proximity to many of the country’s most sought-after outdoor destinations.”
Matt Mering, executive vice president of hospitality at Waterton, said: “We think that the project is located in a market that is underserved currently with much more demand than there is a current supply of rooms. Our location is very strong given that it’s near the southern gate of Yosemite where 40% of the visitors enter the park.”
The plan is to start construction on the redevelopment this summer with a completion by the fourth quarter of 2024, Mering added.
The property located close to the southern gate of Yosemite National Park will become the fourth asset held by Waterton’s Outbound Hotels, a platform that already holds The Virginian in Jackson Hole in Wyoming, The Sierra Nevada Resort and Spa in Mammoth Lakes in California and Towne and Country Stowe in Stowe in Vermont.
The Waterton Outbound Hotels typically looks for projects that have between 125 and 200 rooms.
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