LA Koreana, which owns the Radisson Wilshire Plaza Hotel in Los Angeles, also recently acquired the Sheraton Four Points Hotel in Fresno. Both the Pickwick and Sheraton transactions were brokered by Bob Eaton, executive managing director of Colliers International Hotels in San Francisco.
"Koreana believes in the long-term viability of the San Francisco lodging market," says Eaton. "They believe that the location at Fifth and Market will dramatically change with the construction of Bloomingdale's adjacent to the Pickwick."
The property also will benefit from the $48-million renovation of the Old Mint Building. The San Francisco Museum and Historical Society hopes to operate a museum in the 128-year-old building, while the remainder would be rented out to civic groups, a coin shop and a restaurant.
The Pickwick Hotel opened in 1926 and was featured in Dashiell Hammett's classic mystery novel, "The Maltese Falcon." The building is also known for its Neo-Gothic brick exterior and the prominent vertical sign on the corner of Fifth and Mission streets.
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