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The Westin Market Street Hotel in San Francisco Sells for $350 Mil

1/28/15

LaSalle Hotel Properties (LHO) has acquired The Westin Market Street, a 681-room hotel in San Francisco, for $350 mil. The company funded the acquisition with cash on hand and borrowings from its senior unsecured credit facility. It was purchased fee simple.

At closing, LHO renamed the hotel Park Central San Francisco. Highgate Hotels will continue to manage the asset as an independent hotel on behalf of the the new owner. Highgate Hotels also manages Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key West on behalf of LHO.

The Park Central is centrally located at 50 Third Street, just steps from Market St, which bisects San Francisco between the SoMa District and the Financial District. SoMa is a highly diversified submarket, including the neighboring Moscone Convention Center, the Yerba Buena Gardens, the Yerba Buena Center for the Arts (within two blocks of the hotel), AT&T Park and office headquarters for companies such as Twitter, Instagram and Pinterest. In addition to numerous nearby office towers, retail outlets and restaurants, guests benefit from the hotel’s convenient location three blocks from Union Square.

“The San Francisco lodging market remains very strong, with demand at peak levels and limited supply growth on the horizon, and we are excited about increasing our presence in San Francisco for the second time within 10 months – marking our seventh hotel in the city,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “Approximately 17% of our EBITDA is now generated in San Francisco.”

The hotel was constructed in 1984 and underwent a comprehensive $28.3 mil renovation in 2007. The asset has been well maintained since, with $14 mil invested from 2009 to present. LHO is planning to commence a normal life-cycle renovation in the fourth quarter of 2016.

The hotel’s 681 guestrooms average 347 sf in size. The property has 23k sf of flexible meeting and event space, including a 9k sf ballroom with capacity of up to 1,200 guests. MaSo, the hotel’s only dining outlet, offers locally-sourced cuisine, an outdoor terrace and can host private events for up to 300 guests.






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