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JLL arranges $175 million sale of the St. Regis San Francisco
JLL today announced the firm has arranged the sale of the St. Regis San Francisco on behalf of Marriott International, Inc. Qatar Investment Authority purchased the 260-key property for $175 million subject to a long-term management contract.
JLL generated strong investor interest both domestically and off-shore given the property's best-in-class facilities and amenities, brand and management affiliation, as well as its prominent location in San Francisco, one of the world's most dynamic and highly sought after investment markets.
International Director John Strauss and Vice President Melvin Chu led the JLL team on the transaction, with international marketing efforts led by JLL's Global Hotel Desk leader, Managing Director Gilda Perez-Alvarado.
"The U.S. has been the largest recipient of offshore capital this year as it's viewed as a safe haven by global investors," said Perez-Alvarado. "Moreover, the trophy nature of the St. Regis San Francisco and its brand affiliation with the world's largest hotel company made this a very strategic acquisition for international investors looking to secure a long term investment in a high growth market."
"San Francisco is in the middle of several infrastructure and office development projects that will further drive the city's long-term lodging demand," said Strauss. "Market Street benefits from a diverse base of domestic and international leisure travelers, as well as group demand from the nearby convention center. This broad demand has allowed the submarket to outperform the overall San Francisco lodging market."
The St. Regis San Francisco has been an integral part of the renaissance of the South of Market (SoMa) District and the southward expansion of the Financial District. Located in one of the tallest mixed-use buildings in San Francisco, the Forbes five-star hotel features 260 guestrooms, 22,500 square feet of meeting space, three food and beverage outlets, Remède Spa, a state-of-the-art fitness center, and the signature St. Regis Butler service. The hotel is located adjacent to the Moscone Convention Center and the Museum of Modern Art, and proximate to the future Transbay Transit Center. The hotel will undergo a renovation covering the guestrooms and public areas under new ownership.
JLL's Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling more than $68 billion worldwide. Between negotiating property deals, the group's 350-person global team also closed more than 4,400 advisory, valuation and asset management assignments. To find out more visit: www.jll.com/hospitality
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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