Located in San Francisco's Nob Hill neighborhood, the storied property has long been a nostalgic symbol of a bygone era, having originally been constructed in 1924 as the first steel and brick high rise west of the Mississippi.
Based on the hotel’s operating performance for 2019, the $71.0 million sales price reflects a 9.1x EBITDA multiple and a 9.8% net operating income capitalization rate.
Pebblebrook Hotel Trust (NYSE: PEB) announced yesterday that it closed on the sale of the 208-room The Marker San Francisco in San Francisco, CA for $77.0 million to a third party.
Summit Hotel Properties, Inc. (NYSE: INN) today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC.
Based on the hotel’s operating performance for 2019, the $87.5 million reflects a 12.4x EBITDA multiple and a 7.2% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues).
Pebblebrook Hotel Trust (NYSE: PEB) today announced that it closed on the sale of the 416-room Kimpton Sir Francis Drake Hotel in San Francisco, CA to a third party on April 1, 2021, generating $157.6 million of net proceeds after customary closing costs.
Pebblebrook Hotel Trust (NYSE: PEB) today announced that it had executed a contract to sell the 416-room Sir Francis Drake in San Francisco, CA to a third party, which the Company expects will generate $157.6 million of proceeds after customary closing costs.
Oxford Capital Group, LLC announce yesterday the acquisition of five Bay Area hotels (three in San Francisco: King George Hotel; Hotel Griffon; and The Inn at Union Square; and two in Silicon Valley: Creekside Inn in Palo Alto and Hotel Los Gatos) with plans to reposition many of the assets.
Carey Watermark Investors 2 Incorporated (CWI 2), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, announced that it has acquired The Ritz-Carlton, San Francisco
Marriott International, Inc. (NASDAQ: MAR) last week announced it has completed the sale of The St. Regis San Francisco hotel for approximately $175 million to Qatar Investment Authority (QIA). Marriott will continue to manage the hotel under a long-term management contract.