Thayer Lodging Buys San Fran Ritz-Carlton

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.”