Benjamin Franklin Hotel in San Mateo is Sold
Colliers International Hotels Acts as Advisor to the Seller
SAN FRANCISCO, CA, February 6, 2007. Colliers International Hotels announces that it has arranged the sale of the historic Benjamin Franklin Hotel in downtown San Mateo, California. Bob Eaton, Mark McDermott, and Henry Bose of Colliers International Hotels advised the seller, AFE-Benjamin Franklin, LP on the transaction. AF Evans Company, Inc. was the manager of the property.
Located in the heart of the thriving downtown business district, the landmark property has been closed since United Airlines terminated its lease in 2003. The 99-unit, nine-story hotel opened in 1927, and includes the Astaria restaurant and lounge, retail space, outdoor swimming pool, and the dramatic two-story Fireside Room, the signature lobby area that opens onto the pool deck.
The hotel was acquired by The Lembi Group of San Francisco. The new owner plans to make a significant investment in the property, maintaining its historical elegance and integrating the operation into their extended-stay CitiSuite program. The move takes advantage of the wonderful downtown location and amenities to serve corporate and leisure travelers.
"The Benjamin Franklin hotel is simply a very special landmark property," says Bob Eaton, executive managing director. "The wonderful design of the building and the location in thriving downtown San Mateo provide something unique to the recovering peninsula lodging market."
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