SAN FRANCISCO-Aspen Hotel Management Group in partnership with AEW Capital Management LP acquired a portfolio of three boutique hotels in San Francisco. AEW acquired the assets on behalf of AEW Partners VI LP, the sixth of a series of real estate opportunity funds managed by AEW.
The hotels, Hotel Frank, Hotel Metropolis and Hotel Vertigo, are all well-located in the Union Square submarket, one of the premier visitor and retail destinations in San Francisco. The hotels range in size from 102 to 153 rooms.
Bashar Wali, president of Aspen, tells GlobeSt.com that the seller, Centerline Capital Group, but could not disclose the purchase price at this time. Centerline did not respond to GlobeSt.com queries regarding price tag or reasons for selling by deadline.
“AEW manages real estate investments worldwide and is highly regarded in the industry.” Wali says. “We are thrilled to partner with a world class organization like AEW as we re-enter the San Francisco market.” He explains that the company is looking to “strategically further expand into the Western US and these hotels have great potential due to their locations and their physical attributes.” In addition, he says, Aspen “specializes in rebranding and positioning 100-plus room boutique hotels.”
Aspen is the parent company to Hotel Project Group and Provenance Hotels. Hotel Project Group will manage the portfolio and implement the strategic business plan in collaboration with AEW. The longer-term goal is for Provenance Hotels to rebrand and reposition the assets in order to create a unique destination experience with deeply integrated art concept.
“We are pleased to form this alliance with Aspen,” says Henry Vickers, director at AEW. “They understand the business and we are very impressed by their ability to position and manage hotels.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
