Hotel REIT buys San Francisco hotel for $350 million
LaSalle Hotel Properties has purchased the 681-room Westin San Francisco for $350 million or $513,950 per room. The seller was Westbrook Partners, which acquired the property in 2011 for $170 million.
LaSalle Hotel has plans to renovate the 36-story hotel. It was built in 1983 and underwent a comprehensive $28.3 million renovation in 2007.
The firm funded the acquisition with cash on hand and borrowings from its senior unsecured credit facility.
At closing, LaSalle Hotel renamed the hotel Park Central San Francisco. Highgate Hotels will continue to manage the asset as an independent hotel on behalf of the REIT. Highgate Hotels also manages Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key West, Fla., on behalf of LaSalle Hotel.
The 681-room hotel is centrally located at 50 Third St., which is between the SoMa District and the Financial District. The property has 23,000 square feet of flexible meeting and event s