BETHESDA, MD—Pebblebrook Hotel continues to expand its footprint in San Francisco; its latest acquisition is of the Prescott Hotel for $49 million.
The 160-key hotel is located in the city's Union Square. The company expects to incur $1.4 million of costs associated with the defeasance of an existing loan as part of the transaction. It will continue to be managed by Kimpton Hotels & Restaurants.
This is Pebblebrook's sixth hotel investment in the city, according to a prepared statement by CEO Jon Bortz. "The property is central to San Francisco's primary business demand drivers, including the Financial District, the Moscone Convention Center and the Union Square submarket," he said, which has historically outperformed all other submarkets within San Francisco.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
