The 18-story hotel opened in 2001 at Folsom and Second streets,two blocks from the Moscone Convention Center. Amenities includetwo on-site restaurants, a fitness center and an indoor pool.

CNL executive vice president Brian Strickland did notimmediately return a phone call seeking more information regardingthe Courtyard acquisition. In a prepared statement, CNL chiefexecutive Thomas Hutchison says the property "is a strong performerin a strengthening San Francisco market, a market that has laggedthe U.S. market recovery and poised for substantial upside."

Hutchison is not alone in his assessment. Several hotels havechanged hands in recent weeks and months as both buyers and sellerslook to capitalize on the rebounding market. The Griffon Hotel, oneof only three hotels located along the Embarcadero, traded for$15.25 million, or $246,000per key; the 360-room Park Hyatt hotelin the Financial District sold in early May for about $126 million,or $350,000 per key, and was re-branded a Le Merdien; in April,Ashford Hospitality Trust of Dallas acquired the 338-room PanPacific San Francisco Hotel for $95-million, or $281,065 per key,and re-branded the property a JW Marriott hotel; at the end ofMarch, the Argent hotel on Third Street between Market and Missionwas sold for $178 million, or $258,000 per key, and may beconverted to a Westin.