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CNL Takes Out Partner in Downtown Hotel

SAN FRANCISCO-The Orlando-based hotel REIT acquires full ownership of the five-year-old, 405-room Courtyard San Francisco Downtown Hotel.

By Brian K. Miller | Updated on June 20, 2006

SAN FRANCISCO-The 405-room Courtyard San Francisco Downtown Hotel is now fully owned by CNL Hotels & Resorts Inc. The Orlando-based hotel REIT with 92 hotels to its name acquired the 51.85% it didn’t already own in a deal that valued the hotel at $79.5 million, or $196,000 per key. The seller was Marriott International Inc.

The 18-story hotel opened in 2001 at Folsom and Second streets, two blocks from the Moscone Convention Center. Amenities include two on-site restaurants, a fitness center and an indoor pool.

CNL executive vice president Brian Strickland did not immediately return a phone call seeking more information regarding the Courtyard acquisition. In a prepared statement, CNL chief executive Thomas Hutchison says the property “is a strong performer in a strengthening San Francisco market, a market that has lagged the U.S. market recovery and poised for substantial upside.”

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