Thayer Lodging Group Acquires the 338-room Ritz-Carlton, San Francisco
July 1, 2013 11:41am
NEW YORK, July 1, 2013 -- Thayer Lodging Group, a privately held investment company that produces strong Alpha Returns for investors in hotel real estate, announced the first investment of Thayer Fund VI – the acquisition of the 338-room Ritz-Carlton San Francisco, from Host Hotels and Resorts, Inc. (NYSE: HST).
As part of a proprietary approach that helps enhance the appeal and increase the value of high profile hotels in major urban markets, Thayer intends to invest up to $17 million in the property in its first twenty-four months of ownership.
Similar to the J.W. Marriott San Francisco, which Thayer acquired in 2011, Thayer's approach focuses on increasing market share, effectively managing channels of distribution, and making impactful changes to the hotel's offerings, services and amenities.
Since Thayer's acquisition of the J.W. Marriott, the property's Net Operating Income (NOI) has tripled, and the hotel has risen to the top of its competitive set in the San Francisco market.
Lee Pillsbury, Co-Chairman and Chief Executive Officer of Thayer Lodging Group, said, "We are happy to announce Thayer's acquisition of the Ritz-Carlton, San Francisco, a truly wonderful property and the first investment for Thayer Fund VI." He concluded, "We are bullish on the San Francisco market, and bullish on the environment for investing in hotel real estate. We look forward to making additional announcements in the weeks ahead."
Fred Malek, Thayer Lodging Chairman, added, "With this transaction, we hope to replicate the success of our Orlando Grand Lakes Ritz Carlton, one of our highest return investments."
Since forming its first private equity fund more than two decades ago, Thayer has completed 43 hotel investments with a total acquisition cost of approximately $2.5 billion. The firm has consistently met and exceeded the investment objectives of institutional investors that seek superior returns through hotel real estate ownership. Thayer Fund VI is targeted as a $300 million Fund.
Tags: thayer lodging group,
Contact: Michael Frenkel, MFC PR – New York
CooperWynn Real Estate Completes the Sale of the Iconic Sagebrush Inn & Suites
Dart Real Estate Acquires The Ritz-Carlton, Grand Cayman from Five Mile Capital Partners
Apple Hospitality REIT Acquires Dual Branded Hilton Garden Inn and Home2 Suites by Hilton in Birmingham for $38.4 Million, or $183,000 Per Key
The 152-Year-Old Hotel de la Paix Relaunches as The Ritz-Carlton Hotel de la Paix, Geneva
AAM 15 Management Announces Acquisition of Residence Inn by Marriott Burlington Colchester in Colchester, Vermont
Summit Hotel Properties Acquires Two Hotels For $60.2 Million
Lingerfelt CommonWealth Acquires Hilton Dual-Branded Hotel in Downtown Jacksonville, Florida
Thayer Ventures Announces Leland Pillsbury as Managing Director, Launches Its Third Fund Targeting Innovation in Travel Technology
The Ritz-Carlton Hotel Company Partners with RAK for Two Hotels in Ras Al Khaimah
Interstate Hotels & Resorts Acquired by Kohlberg & Company from Thayer Lodging and Jin Jiang International Hotels
Ritz-Carlton Reserve Set To Debut in Bermuda with Caroline Bay in 2018
In Partnership with YTL Hotels, Ritz-Carlton to Develop Two New Reserve Hotels in Asia
Development Launched for the 153-room Ritz-Carlton, Mexico City to Open in 2019
Hilton Los Cabos Beach & Golf Resort Reopens its Doors Following a Multi-Million Dollar Renovation
The 313-room Ritz-Carlton, Bali Opens in Sawangan, Nusa Dua
The Ritz-Carlton Hotel Company to Build The Ritz-Carlton, Petaling Jaya in Malaysia; Opening in 2016
Historic Union Square Hotel Mark Twain Emerges From $2 Million Renovation
Thayer to Rebrand Newly Acquired Diplomat as Curio-A Collection by Hilton; $100M Renovation Planned
Provenance Hotels and Thayer Lodging Group Partner to Acquire the 120-key Hotel 1000 in Seattle, WA
Ritz-Carlton Signs with AJ Resorts SDN BHD to Open the 132-key Ritz-Carlton, Langkawi in Malaysia
Please login or register to post a comment.