SOMA Hotel Portfolio, San Francisco Is Sold
Colliers International Hotels Acts as Advisor to the Seller
SAN FRANCISCO, CA, October 4, 2006. Colliers International Hotels announces that it has arranged the sale of a four-property hotel portfolio in San Francisco, alifornia.
The sale included the following hotel properties:
The Hotel Britton - 79 rooms
The Best Western Americania Hotel - 143 rooms
The Best Western Carriage Inn - 48 rooms
The Best Western Flamingo Inn - 38 rooms
Colliers International Hotels advised the seller, Reneson Hotel Group, on the transaction. The buyer is a private real estate fund that has retained San Francisco-based Joie de Vivre Hospitality to manage the hotels on its behalf.
The 308-unit portfolio hotel is located near the intersection on Mission and 7th Streets in San Francisco's South of Market (SOMA) neighborhood. This area has experienced significant redevelopment in recent years and this trend is continuing, most notably with the pending opening of the 690,000 square-foot San Francisco Federal Building.
"While the seller was motivated in part by the current strength of the real estate investment market, the transaction is a win-win in the sense that the new owner will be able to take advantage of both a robust citywide hotel market and the neighborhood's growth prospects", says Mark McDermott, Senior Vice President of Colliers International Hotels' San Francisco office.
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