Tuesday December 10th, 2013 - 9:45AM
SAN FRANCISCO—Pebblebrook Hotel Trust has acquired the Radisson Hotel Fisherman’s Wharf and Retail, here, for $132 million.
The 355-room hotel, which includes approximately 44,000 sq. ft. of street retail space, occupies an entire block of San Francisco’s Fisherman’s Wharf, bordered by Jefferson, Mason, Beach and Powell Streets, across the street from Pier 39. Davidson Hotels & Resorts will manage the property.
“We’re very pleased with our acquisition of the Radisson Hotel Fisherman’s Wharf and Retail, located in one of San Francisco’s strongest submarkets,” stated Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust. “This hotel benefits from an excellent location in the heart of Fisherman's Wharf, which is reflected in the hotel's consistently high occupancy levels and strong cash flows.”
Situated on the San Francisco Bay, the hotel offers views of the Golden Gate Bridge and Alcatraz and is immediately adjacent to the Ferry terminals serving tourist destinations around the Bay.
Originally built in 1964 as a 250-room hotel with 14,000 sq. ft. of retail space, the hotel expanded in 1999 with the construction of an additional 105 rooms and 30,000 sq. ft. of retail space. The hotel was updated by a comprehensive $4.5-million renovation in 2012, offering contemporary guestrooms and a refreshed lobby.
The hotel also features 1,720 sq. ft. of meeting space and a newly renovated fitness center. The hotel’s guestrooms offer remodeled bathrooms, new Sleep Number beds, 37-in. flat-screen TVs and upgraded lighting.
In 2013, the Radisson Hotel Fisherman’s Wharf is forecasted to operate at 89% occupancy, with an ADR of $184, RevPAR of $165, earnings before interest, taxes, depreciation and amortization of $11.9 million and net operating income after capital reserves of $11.0 million, according to the company.