WASHINGTON, DC-Another local hotel company snaps up an asset in San Francisco. This time, as we reported earlier, it is LaSalle Hotel Properties, which has acquired the Harbor Court Hotel and Hotel Triton, both located in San Francisco, for $47.8 million.
Maybe it is the view or maybe it is the weather (a quote widely but incorrectly attributed to Mark Twain– “The coldest winter I ever spent was a summer in San Francisco), but local hotel companies have developed a penchant for hotels in this market. To name just a few examples:
- Last month, Thayer Lodging Group acquired the 338-room Ritz-Carlton San Francisco, from Host Hotels and Resorts, in the first investment of Thayer Fund VI.
- In June, RLJ Lodging Trust, acquired the 150-key Vantaggio Suites Cosmo for $29.5 million, or $197,000 per room. It was an off-market transaction.
- In May, Chesapeake Lodging Trust purchased the fee simple interest in the 313-room Hyatt Fisherman’s Wharf from an affiliate of Hyatt Hotels Corp. for $103.5 million, or approximately $331,000 per key.