Ashford adds San Francisco hotel
Laptop Battery Ashford Hospitality Trust has announced it has completed the acquisition of the Pan Pacific San Francisco Hotel in San Francisco, CA, for $95 million in cash.
225 Powell St., San Francisco, CA 94102 United States (USA) When you're staying in San Francisco, our boutique hotel offers the perfect location and a warm, inviting welcome for your visit to the City by the Bay. The Villa Florence Hotel, a Larkspur Hotels and Restaurants hotel, evokes San Francisco's Italian heritage through its luxury hotel d cor, style hospitality and Italian spirit. Located on the Powell Street Cable Car line, just steps from downtown San Francisco and Moscone Convention Center, our spacious guestrooms and first class service will inspire you to return again and again.
Thinkpad Ashford purchased the hotel from a partnership between Oxford Lodging Advisory & Investment Group, LLC and Whitehall Street Global Real Estate Limited Partnership 2001 and affiliates which acquired the hotel in August 2003.
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Microsoft The Company also announced it has signed an agreement with Marriott International, Inc. to re-brand the 338-room hotel as the JW Marriott Hotel San Francisco.
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Laptop Computers Marriott will manage the hotel under a long-term incentive-based management agreement.
432 Geary St., San Francisco, CA 94080 United States (USA) Enjoy all the sights and sounds of San Francisco from the unpretentious comfort of the Union Square Plaza Hotel. Situated on the pulse of the city, in the very heart of downtown, we are within easy access of San Francisco's business and shopping centers, attractions, nightlife, and a wide selection of fine restaurants. Why spend more for a hotel room when you can spend it in the City enjoying yourself
Laptop Computer Re-branding of the hotel to JW Marriott and other renovation work, which will consist of revenue enhancing upgrades to meeting space, rooms and food and beverage facilities, will commence immediately.
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Desktop Computer Ashford expects to invest approximately $10 million in the re-branding and renovation of the hotel, which is expected to be completed by December 2007.
Notebooks The Company also intends to explore the value-added possibility of converting the hotel's existing Executive Conference Center to a high-end bar/restaurant, retail or downtown day spa concept later in the year.
Lenovo On a forward twelve-month basis, the purchase price equates to a 12.2x EBITDA multiple, an EBITDA yield of 8.2% and a net operating income capitalization rate of 6.5% with projected revenues of $32 million.
Hard Drive The purchase price equates to a trailing twelve-month net operating income capitalization rate of 3.9% and a 5.0% EBITDA yield.
Travelstar The property generated revenues of $25.5 million for the calendar year 2005.
Gateway Located at the corner of Post and Mason Streets in the Union Square district, the Mobil four-star, AAA four-diamond hotel is within walking distance to world famous San Francisco destinations such as the Financial District, Chinatown, theaters, upscale shopping, Embarcadero Center, Nob Hill, and the Moscone Convention Center.
Laptop Parts Built in 1987 and renovated in 2004, the property features 338 luxury rooms, 17,500 square feet of meeting space, a state-of-the-art conference center and two food and beverage facilities.
Software The property is owned under a ground lease which has a term expiring in 2083.
Hard Drives Monty J. Bennett, President and CEO of Ashford Hospitality Trust, said, "Throughout its storied history, San Francisco has been known for fabulous luxury hotels and destinations. Our agreement with Marriott to re-brand this hotel as JW Marriott opens a new and exciting chapter in the city's history as San Francisco joins an exclusive group of fourteen other cities in the United States that can boast of a JW Marriott hotel. With Marriott's proven reservation system and honored guest program, as well as the luxury appeal of the JW Marriott brand worldwide, we are confident this combination will help us tap into the tremendous potential of this asset. The renovation and re- branding to one of the world's preeminent luxury brands will position us to outpace the dramatic turnaround we are expecting in the San Francisco hotel market."
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