Deeds and WeedsJuly 4, 2009

Carmel Valley Resort Sold For $20 Million

Forbes.com is calling the $20 million sale of Carmel Valley Resort in California from Blackstone Group to financier John Pritzker a "fire-sale" deal. Forbes' report on the deal can be read here.

According to the story, Blackstone officials vowed earlier this year to obtain at least $880,000 per room for the 144-room resort (which counts among its amenities a Pete Dye-designed golf course), "implying a value for the entire resort of $80 million to $100 million before renovations." But Bloomberg.com does the math and points out Pritzker's $20 million offer works out to just $138,889 per room (Bloomberg's account of the deal can be read here).

According to both stories, Pritzker (son of the late Hyatt Hotels founder Jay Pritzker) plans to invest $25 million in a full-scale renovation of Carmel Valley.

"The property has tremendous bones," Pritzker told Forbes.com. "It's within driving distance of 10 million people."

-- G.R.