The work will include all new guest rooms, a port cochere, a new restaurant, meeting room facilities, and a new lobby and front desk. Other planned improvements include improved back-of-house administrative systems, and more visible external signage. The renovation will take place in phases; the hotel will remain open throughout the project and will continue to be managed by Marriott International and will continue to fly its Renaissance flag.
JER Partners did not release the purchase price of the hotel or the seller, but local industry experts tell GlobeSt.com that the sale price likely came in above $400,000 per key, which would translate to $157 million, and that the seller was Stanford Hospitality.
In June 2006, the 1,200-room Westin St. Francis on Union Square sold for $368,000 per key. In May 2006, the 360-room Park Hyatt in the Financial District sold for about $135 million, or $375,000 per key, and was re-branded a Le Merdien. In April 2006, the 338-room Pan Pacific San Francisco Hotel changed hands for $95 million, or $281,065 per key, and was re-branded a JW Marriott hotel.
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