SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Thayer Lodging Group has made the first investment of Thayer Fund VI with the acquisition of the 338-room Ritz-Carlton San Francisco. The seller was Host Hotels and Resorts Inc.
The Annapolis, MD-based firm intends to invest up to $17 million in the property in its first 24 months of ownership. The firm isn't new to the area. As GlobeSt.com reported last year, it acquired the J.W. Marriott San Francisco from Ashford Hospitality Trust for $96 million. At the time, Stephen O'Connor, senior director of Cushman & Wakefield Sonnenblick Goldman's Los Angeles office, who served as the exclusive financial advisor to Ashford Hospitality Trust, said that “The San Francisco lodging market is rebounding strongly and there is upside to the operating performance.”
Lee Pillsbury, co-chairman and CEO of Thayer Lodging Group, says in a statement that the company is “bullish on the San Francisco market, and bullish on the environment for investing in hotel real estate. We look forward to making additional announcements in the weeks ahead.”
While we could not obtain further information regarding the purchase by deadline or where else the fund is looking for acquisitions, however GlobeSt.com will update this story as information becomes available.
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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.
