November 29, 2022

Just Moments

Travel Groove

Major hotel owner sells 99-year-old San Francisco hotel

The most significant proprietor of hotel qualities in San Francisco is close to finalizing the sale of a 99-calendar year-old boutique hotel in close proximity to Union Sq..

Pebblebrook Resort Have confidence in is promoting the 236-home Resort Spero to an affiliate of Memphis-based mostly authentic estate administration firm Fairwood Capital LLC, the San Francisco Small business Situations noted. News of the sale was identified by a liquor license software. 

The value of the sale is not nevertheless community. Pebblebrook obtained Hotel Spero with its 2018 acquire of LaSalle Resort Qualities for $5.2 billion. LaSalle purchased the hotel, then identified as the Lodge Californian, in 2013 for $69 million. 

Including Resort Spero, Pebblebrook owns nine lodges in the metropolis. This is the company’s 2nd latest sale in San Francisco — additional especially, on the identical block. The Marker hotel at 501 Geary St. was sold by Pebblebrook for $77 million to a Los Angeles serious estate expenditure firm previous thirty day period, the San Francisco Business Moments noted. 

Hotel Spero opened as the Resort Californian in 1923. The Spanish Colonial model constructing was renovated in 2018 and offers a historic lobby with hand-painted wood ceiling beams, as properly as a stylish diner-model restaurant. 

Together with Lodge Spero and The Marker, Pebblebrook has offered two other San Francisco lodges around the last two several years: the Sir Francis Drake lodge, now referred to as Beacon Grand, and the Villa Florence. Both equally resorts are also positioned close to Union Sq..