RH, previously Restoration Hardware, is expanding its business to highly amenitized real estate. This summer it acquired 850 acres of Napa Land for $25m. Gary Friedman, RH’s CEO, stated that RH (previously Restoration Hardware) plans to continue its expansion.
The San Francisco Business Times ReportRH CEO spoke to the company’s earnings call and stated that the new purchase would include a guest house, residences and a winery. Plans are also in place for an organic farm.
“We’ll build an experience the world has never seen,”Friedman spoke on the call.
According to JLL’s 2019 announcement, the site is the largest tract of Napa Valley contiguous. It was also first time 2000 Soda Spring Road had ever been offered in 40-years. Richard and David Ehrenberger initially wanted $50 million, but they settled on $30,000/acre.
It is still possible to see the remains of the resort that was built in the 19th century. “healing”Spring water was made available to tourists who are looking for a country retreat. It was first bottled back in the 1850s. “Napa Soda”To sell to San Francisco saloons until the end of this century. In the early 1900s, mineral spring resorts were outmoded. After World War I, the resort was closed and it was subject to many fires. Its 75-foot tall stone shell is a highlight. It was originally opened in 1870 for a formal party. There is also an 80-foot waterfall and 27 mineral springs.
RH has launched its RH Residences luxury apartments and homes, which are fully furnished and offer high-quality amenities. RH has opened its first RH guesthouse, in New York. “hospitality experience” with only nine guest rooms, as well as Friedman’s own 2,600-square-foot top-floor abode, which is also occasionally available for overnight stays. These two examples show how the upscale store plans to expand its product range and become a lifestyle brand. The New York Guesthouse has a rooftop infinity pool and two restaurants and is located near RH’s NYC design gallery. It also opened a five story design space on Pier 70, San Francisco, this Spring, as part of other galleries in Miami (Boston), Chicago, and Chicago.
Friedman confirmed that Napa was purchased and also indicated that RH is being discussed. “close to closing”On an “incredible property somewhere in Europe” but couldn’t reveal any further details.