SAN FRANCISCO-Chesapeake Lodging Trust is purchasing Le Meridien San Francisco, a 360-room hotel, for $143 million or about $400,000 per room. The deal will be closed towards the end of this year.
The sale of Le Meridien hotel shows how a national REIT is buying a hotel paying large amount in San Francisco. LaSalle Hotel Properties purchased the Hotel Monaco in August for $68.5 million and Pebblebrook Hotel trust acquired Sir Francis Drake Hotel in May for $90 million. For the full story, go to San Francisco Business Times.
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