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.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
