San Francisco's Westin St. Francis On Sales Block
SAN FRANCISCO, CA, April 04, 2006. The owners of the Westin St. Francis here have quietly placed the city's third-largest hotel on the market, according to analysts and industry observers.
The St. Francis, which was built in 1904 on Union Square, could fetch more than $350 million, said analysts. Informed sources said that the hotel has been on the market for several weeks. The Blackstone Group, which purchased the St. Francis for $243 million in 2000, would not comment on the pending sale, but many observers said that the property, which had a long-term management agreement, was seen as a problem for Blackstone, which is looking to build its LXR Resort Group with independent properties.
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