| Irreplaceable Story: Historic 1886 Victorian, 17 keys, guest house and downtown Napa location create an experience hard to replicate. |
| Capital Already In: Ownership has reinvested approximately $2M since 2022 in renovations, outdoor areas, FF&E and systems. |
| High Margin Asset: FY2022 and FY2024 property EBITDA margins were approximately 35% before reserve and debt service. |
| Ancillary Revenue: Events, buyouts, spa, wine programming and guest partnerships add meaningful revenue beyond room nights. |
| Luxury ADR Proven: FY2024 ADR was approximately $414, closely aligned with Napa County market ADR. The gap is occupancy, not rate. |
| Ramp to Stabilization: May 2026 reached 69.7% occupancy at a $462 ADR, showing how quickly performance can rebound with aligned demand. |
Michael Holcomb
W Real Estate