NAPA, Calif. – (Nov. 5, 2007) – Alain Pinel Realtors
President and Chief Operating Officer Larry Knapp announced that the company has moved its primary wine-country office to Napa and concurrently secured the marketing assignment to sell the remaining hotel-condominium rooms associated with the prestigious Westin Verasa. The resort development is two blocks from downtown Napa in the gateway to California’s iconic wine country.Westin Verasa is a luxury resort being developed by Canada-based Intrawest and its Playground division. Westin Hotels & Resorts is the hotel marketing arm for the lodging component of the resort and is associated with Starwood Hotels & Resorts Worldwide Inc. The Westin Verasa is the fifth collaborative project between the Starwood hotel group and Intrawest and is the first project the development team has outsourced to a regional real estate services firm.“I am grateful to Timothy Murray, our vice president and regional manager for San Francisco and the North Bay, for orchestrating our move to Napa and developing the strategic relationship with the owners of the Westin Verasa,” Mr. Knapp said. “Marketing ownership opportunities at a prestigious destination resort to our clientele is very consistent with our brand of real estate services. The owners have authorized us to work with other brokers in the area who have clients interested in this project.”Tim Murray is a 29-year real estate veteran and former President of Pacific Union Real Estate. He joined APR earlier this year and is responsible for the firm’s growth in San Francisco and the North Bay communities where luxury residential real estate is purchased and sold.Scheduled for completion in the third quarter of 2008, the Westin Verasa Napa Residences will have 160 total rooms plus beautifully appointed common areas and lush landscaping. The project consists of 38 two-bedroom suites, 72 one-bedroom suites and 50 studios. Owners will be entitled to stay at the hotel up to 29 days a year. As this a whole ownership condo hotel, there are no limitations on reselling condo hotel rooms after purchase. Alain Pinel Realtors is currently offering ownership opportunities in five of the two bedroom suites and 16 one-bedroom or studio rooms priced from approximately $500,000 to over $1.3 million per room.Vacationers and travelers will be able to book nightly accommodations at the resort once it opens next year. Market rates for room rentals have not yet been established.Condo hotels are one of the fastest growth segments in the luxury vacation real estate market. Combining freedom and flexibility from the whole ownership of a second home with the amenities and headache-free maintenance and management of a resort or destination club, condo hotels are an increasingly appealing option for affluent investors and luxury vacationers.APR’s new location in Napa, and the sales office for the Westin Verasa project, is located at 1141 First Street in the former Westin Verasa Discovery Center. The office is near the hotel-resort development. Situated on approximately 4.6 acres at 1314 McKinstry Street and along the Napa River, the Westin Verasa is part of the massive redevelopment of downtown Napa.The resort is adjacent to Copia, the America Center for Food, Wine and Arts at 500 First Street. The Westin Verasa is expected to be the centerpiece of a thriving, new destination for affluent travelers in the North Bay wine country. In addition to Copia, coming area amenities include Oxbow Public Market, a 40,000-square-foot marketplace with a diverse mix of local vendors and organic farm stands. The market is next door to Westin Verasa.For more information, please call 800.509.8090 or visit www.westinnaparesidences.com
.“We are thrilled to be associated with the Westin Verasa, which is truly one of the most unique and luxuries development projects in the Bay Area. Downtown Napa’s revival is equally exciting and the move here will have a positive affect on growing our real estate operations in the region,” said Tim Murray.Alain Pinel Realtors expanded into the North Bay earlier this year when it acquired the assets and limited liabilities of San Francisco-based Ritchie Hallanan Real Estate Ltd. The acquisition included offices in San Francisco and St. Helena. Alain Pinel Realtors maintains a satellite office in St. Helena, at 1308 Main Street; in anticipation of the Westin Verasa assignment and move to Napa, the company vacated its original St. Helena office at 1150 Main Street earlier in October. Gina Papale, Rocky Papale and Valerie Caccia are sales associates responsible for staffing the Napa APR office and Westin Verasa sales center.About Alain Pinel Realtors
Founded by Paul Hulme in 1990 and based in Saratoga, Calif., Alain Pinel Realtors has redefined the business of residential real estate and now has 26 prestigious and luxurious offices in Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa, Napa, Monterey and Santa Cruz counties. Alain Pinel Realtors is one of the largest real estate firms nationally with 2006 sales volume of $6.71 billion and an average sales price per transaction side of $1.14 million. Alain Pinel Realtors is a founding member of Luxury Portfolio, an operating unit of The Leading Real Estate Companies of the World (formerly RELO). APR has a joint venture partnership in the mortgage lending institution, Private Mortgage Advisors, which is an affiliate of Wells Fargo Bank, N.A. For a complete listing of Alain Pinel Realtors offices, services and agents, please visit our website at apr.com or call 408-741-1111.