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St. Francis sale is sign of robust market
Wednesday, 27 Mar, 2006
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Another indication San Francisco is on the rebound: news reports say the legendary Westin St. Francis hotel could fetch up to $420 million.
Four other hotels — The Four Seasons, Park Hyatt, Argent and Pan Pacific — were sold recently.
The 1,200-room St. Francis is one of the largest hotels in the city. It’s owned by Blackstone Group and managed by Starwood Hotels & Resorts.
The more-than-a-century old property has a perfect location on Union Square.
Curtis Davies, a hotel sales executive at Buchanan Street Partners, told the San Francisco Business Times the sale price reflects a pent-up demand from a five-year period when there was virtually no hotel activity in the city.
Report by David Wilkening
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