The sale price was not immediately available, but when the hotel was appraised in January it was valued at more than $55 million. The hotel occupies the top 10 floors of a 48-story building that includes offices, retail and condominiums.
Grubb and Ellis' Jordan L. Richman, senior vice president of the Hospitality Services Group, represented the buyer in this transaction. Eddy Chao of Asia Pacific Capital represented the seller, Taiwanese based L&L (USA).
Richman would not disclose financial details but did tell GlobeSt.com that the purchase was an excellent opportunity and that the escrow took less than 45 days to complete. "The hotel is a great asset and represented an excellent opportunity for the buyers," says Richman. "Because it's a five star luxury hotel and we were very enthusiastic about making the purchase."
Richman adds that because the hotel is rated number one in San Francisco and the ninth best in the world, he believes the buyers purchased an excellent piece of prime real estate. "The Hotel is very well located in the financial district and close to Union Square shopping," says Richman. "Although the new owners have no immediate plans to renovate, they will within the next two years begin improvements and upgrades."
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