X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BETHESDA, MD-DiamondRock Hospitality Co. has acquired the fee simple interest in Hotel Rex, a full-service boutique property in San Francisco, for $29.5 million. The 94-key hotel is located in the Union Square district of the city and is managed by Joie de Vivre Hospitality LLC. The hotel was built in 1907 and is fashioned after the San Francisco art and literary salons of the 1920-30s.

This trade is the REIT‘s first acquisition in San Francisco, according to CEO Mark W. Brugger. The property is moving at an attractive initial yield and a significant discount to replacement cost, he says in a prepared statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.