SAN FRANCISCO-As GlobeSt.com previously reported 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.
According to Host Hotels and Resorts, the hotel changed hands for approximately $161 million. The proceeds will be used to fund future acquisitions or for general corporate purposes.
According to Gregory J. Larson, executive vice president and chief financial officer of the firm, the sale was at an “attractive price.” He points out that as the firm has done in the past, it will, from time to time, “make opportunistic sales of what we consider to be core assets in target markets for the right price.”
This sale brings the firm's total dispositions since the beginning of last year to over $600 million, he adds.
Annapolis, MD-based Thayer Lodging Group intends to invest up to $17 million in the property in its first 24 months of ownership, as GlobeSt.com reported. Thayer Fund VI is targeted as a $300 million fund.
Lee Pillsbury, co-chairman and CEO of Thayer Lodging Group, tells GlobeSt.com that the fund is “looking in "major North American markets and selected resort markets.”
Host Hotels & Resorts isn't just disposing of assets. Just recently, the company acquired the fee-simple interest in the 426-room Hyatt Place Waikiki Beach in Honolulu, HI for $138.5 million from an affiliate of Chartres Lodging Group LLC and Morgan Stanley Real Estate Fund VII Global.
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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.
