The work will include all new guest rooms, a port cochere, a newrestaurant, meeting room facilities, and a new lobby and frontdesk. Other planned improvements include improved back-of-houseadministrative systems, and more visible external signage. Therenovation will take place in phases; the hotel will remain openthroughout the project and will continue to be managed by MarriottInternational and will continue to fly its Renaissance flag.

JER Partners did not release the purchase price of the hotel orthe seller, but local industry experts tell GlobeSt.com that thesale price likely came in above $400,000 per key, which wouldtranslate to $157 million, and that the seller was StanfordHospitality.

In June 2006, the 1,200-room Westin St. Francis on Union Squaresold for $368,000 per key. In May 2006, the 360-room Park Hyatt inthe Financial District sold for about $135 million, or $375,000 perkey, and was re-branded a Le Merdien. In April 2006, the 338-roomPan Pacific San Francisco Hotel changed hands for $95 million, or$281,065 per key, and was re-branded a JW Marriott hotel.