MetWest appoints Terra Resort Group for Madrona Hotel & Spa
Terra Resort Group, the Jackson Hole, WY-based hotel management company, announces today that will assume management of Sausalito, California's Casa Madrona Hotel & Spa, which was recently acquired by MetWest SIMA Real Estate Fund I, an affiliate of MetWest Realty Advisors ('MetWest') of Los Angeles, California.
Located in the heart of Sausalito, Casa Madrona includes 62 rooms, a 3,000-square-foot spa and 5,000 square feet of event space. A vibrant centerpiece set on the Sausalito hillside, Casa Madrona was originally constructed in 1885 as a mansion for the Barrett Family of San Francisco. At the turn of the century, the home was sold and converted into a hotel, and in 2002 the property expanded, with the adjoining three-story building converted to hotel use. The rooms at Casa Madrona include balconies with views overlooking Richardson Bay, Angel Island and the city of San Francisco. The hotel is listed on the National Register of Historic Places, and has been a celebrated landmark for visitors as they arrive in Sausalito by car or ferry.
Terra Resort Group was formed in 2007 by a group of former Four Seasons executives and specializes in destination boutique hotels, bringing elevated service standards and a contemporary approach to luxury. Terra is led by company President Jamie Yarrow, a 20 year veteran with Four Seasons Hotels & Resorts, including Four Seasons Hotels in Santa Barbara, Boston, Scottsdale, Jackson Hole and Palm Beach. After experiencing several management transitions since 2002, Casa Madrona will benefit greatly from Terra Resort Group's vast hospitality experience, and MetWest's resources and real estate expertise. 'Casa Madrona is a property that is revered for its history,' says Yarrow. 'We intend to restore this hotel to its premiere status within this world class destination.'
MetWest purchased Casa Madrona in February 2010 with plans to invest significantly in the renovation of the iconic hotel's rooms, banquet facilities and public spaces. Jim Knell, Principal of MetWest Realty Advisors, said of the acquisition, 'Casa Madrona is a truly unique asset with its unsurpassed location and stunning views. He adds, 'we were thrilled to have the opportunity to purchase it.' In connection with its ownership, MetWest retained Terra Resort Group to manage the hotel because of their demonstrated expertise transforming and managing destination boutique hotels. 'With Terra Resort Group's experience and leadership, we will re-establish Casa Madrona as a centerpiece in this picturesque town, offering high standards and gracious service to the Marin and San Francisco communities and guests from around the world,' says Richard Hollander, Chairman and Chief Executive Officer of MetWest Realty Advisors.
About Terra Resort Group
Terra Resort Group boasts a highly credentialed pedigree of operational and business talent. The company operates and asset manages a portfolio of unique boutique and luxury hotels including Hotel Terra, Jackson Hole and Teton Mountain Lodge and Spa, both Four Diamond properties slopeside in Jackson Hole, Wyoming. Terra Resort Group's diversely trained team has taken their skill sets and experiences from the luxury market and created a structure and culture to apply in upscale segments. Terra Resort Group prides itself on unique service delivery, passionate revenue generation, and detailed financial management.
About Metwest Realty Advisors
Metwest Realty Advisors is a value-added, opportunistic real estate investment advisor, capitalizing on Mr. Hollander's and Mr. Knell's 22 year partnership as real estate investors. MetWest Realty Advisors seeks to provide investors with above market risk adjusted returns. With its investment experience, capital and in-house real estate capabilities, MetWest is able to efficiently source, evaluate and execute on opportunities.