New Calif. hotel drawing lofty bids from potential buyers

A new 85-room Four Seasons hotel in Napa Valley in California is reportedly receiving bids worth more than $170 million — figures that would equate to more than $2 million per key. The lofty price shows how some segments of the hotel market have still been able to attract guests despite the impact of the pandemic. Separately, Pebblebrook Hotel Trust is selling its Sir Francis Drake property in San Francisco in a deal generating $157.6 million in proceeds.