Buchanan Street Arranges Sale of Hotel Griffon $15+ mil
Listing, marketing, escrow and closing completed in just three months - Per-square-foot price is nea
SAN FRANCISCO, CA, April 14, 2006. Buchanan Street Partners, a national real estate investment bank, announced today that its recently formed Hotel Investment Sales Group has made news by arranging the sale of the Hotel Griffon in San Francisco's Financial District, for $15.25 million. The hotel was bought by San Francisco-based Greystone Hospitality. The seller was Embarcadero Inn Associates.
The boutique hotel, built in 1906, is one of only three hotels along the Embarcadero, offering panoramic views of the Bay and located in close proximity to Union Square, Chinatown, SOMA ("South of Market") and Fisherman's Wharf.
"This is a jewel box boutique hotel with a phenomenal location in downtown San Francisco," said Curtis Davies, Senior Vice President, Buchanan Street Partners. "The sale to Greystone Hospitality underscores the strength of the market. Hotels in San Francisco are hot commodities right now because the common perception is that tremendous upside potential exists in San Francisco's rate growth. Furthermore, there are huge barriers to entry and very little new product coming online in the next few years."
The offering was packaged, marketed and escrow closed in just three months-without once disrupting on-going business at the hotel.
"We are extremely pleased with the sale on all levels," said seller, Tom Gray, managing partner, Embarcadero Inn Associates. "The speed and proficiency with which Buchanan Street Partners handled everything was critical in such a competitive market and the fact that business at the hotel wasn't impacted at all made the experience that much better."
"We are delighted with our acquisition of the Hotel Griffon and found Buchanan Street Partners to be most professional and accommodating during the course of the transaction," said the buyer, Eric Horodas, president, Greystone Hospitality.
Greystone Hospitality will add the Hotel Griffon to its portfolio of quality lodging properties in both Northern and Southern California which include: The King George Hotel, the Inn on Union Square, the Creekside Inn, The Bristol and the Seven Seas.
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