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Jones Lang LaSalle's Hotels & Hospitality Group represented Griffin Capital in the sale of the leasehold Hotel Palomar San Francisco.The 196-room Hotel is located at the prominent corner of Fourth and Market streets in San Francisco, central to Union Square, Moscone Center, the Financial District, and SoMa. The non-union Hotel also features approximately 3,000 square feet of meeting space and the famous Fifth Floor Restaurant & Lounge. The Property was offered subject to a long-term hotel lease with 85 years remaining.The team led a comprehensive marketing campaign and navigated complicated due diligence in a short time frame that involved assumptions of the lease and the assumable loan as well as issues related to the seller’s TIC structure. The Hotel was purchased in October 2012 by Pebblebrook Hotel Trust for $58,000,000 or $296,000 per key, representing a going-in yield of approximately 5%.
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