IN-DEPTH: LaSalle to pay $130m for San Francisco
LaSalle Hotel Properties has agreed to pay $130 million for the 200-room Hotel Vitale in San Francisco from Joie de Vivre Hospitality and Emerald Fund. Here’s an in-depth look at the deal.
The Bethesda, Md.–based REIT bought the 200-room hotel located on the Embarcadero. Details of deal were not disclosed. It is one of two San Francisco hotel deals so far this year.
The eight-story building at 8 Mission St. is adjacent to a Bay Area Rapid Transit subway station and close to the Union Square shopping area. It is a waterfront property near the historic Ferry Building and Farmer’s Market. It was one of the final phrases of the Embarcadero-Ferry Plaza Renewal Project; the construction started in 2003 and completed in 2005. The project was developed by Joie de Vivre Hospitality and Emerald Fund. Webcor Construction is the general contractor, and Heller-Manus Architects is