Thayer Lodging Group Acquires the Ritz-Carlton, San Francisco
Monday July 1st, 2013 - 9:24AM B
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SAN FRANCISCO—Thayer Lodging Group has announced the acquisition of the 336-room Ritz-Carlton San Francisco, from Host Hotels and Resorts, Inc. According to Host Hotels & Resorts, Inc., the hotel was sold for $161 million.
Thayer plans to invest up to $17 million in the property in its first twenty-four months of ownership as part of a proprietary approach that helps enhance the appeal and increase the value of high profile hotels in major urban markets.
Similar to the J.W. Marriott San Francisco, which Thayer acquired in 2011, Thayer’s approach focuses on increasing market share, effectively managing channels of distribution and making impactful changes to the hotel’s offerings, services and amenities.
Since Thayer’s acquisition of the J.W. Marriott, the property’s Net Operating Income (NOI) has tripled, and the hotel has risen to the top of its competitive set in the San Francisco market, according to Thayer Lodging Group.
Tags: • Hospitality • Brands •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.