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.
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When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.