SAN FRANCISCO—Loews Hotels & Resorts has entered into an agreement to purchase the 158-room Mandarin Oriental San Francisco Hotel. The acquisition is expected to close in late March.
According to Paul Whetsell, president and CEO of Loews Hotels & Resorts, this will be the company's first entrée into San Francisco, which he calls “a major gateway market and a very important location for Loews Hotels' core customer base.”
Whetsell notes that the company has been exploring opportunities to enter the San Francisco market for some time. “We are thrilled to add such a respected five-star hotel to our growing brand.”
Located in the heart of San Francisco's Financial District, the hotel, which is currently managed by Mandarin Oriental Hotel Group, is situated on the top 11 floors of San Francisco's third-tallest office building, showcasing uninterrupted views of San Francisco and its bay. The hotel features158 guest rooms, the Brasserie S&P restaurant, over 5,000 square feet of meeting space and a new 8,000 square foot spa and fitness center.
This property is the seventh addition to the Loews Hotels portfolio revealed in the last two and one-half years. Loews Hotels will open the 400-room Loews Chicago Hotel on March 2nd and continues to seek to grow its brand in gateway cities and resort destinations.
While sources involved in the deal would not disclose the price paid for the property, hotels in the area are going for a pretty penny these days. Just a few weeks ago, for example, as GlobeSt.com reported, LaSalle Hotel Properties closed on its $350-million Westin Market Street buy. The 681-room hotel is centrally located at 50 Third St., just steps from Market Street.
Michael D. Barnello, president and CEO of LaSalle Hotel Properties, said at the time that “The San Francisco lodging market remains very strong, with demand at peak levels and limited supply growth on the horizon.”
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