of The Stanford Court, A Renaissance Hotel, San Francisco
FRANCISCO, Jan. 25, 2007 - The world famous Stanford Court Hotel has been
sold to JER Partners, a division of J.E. Roberts Company, a fully integrated
private equity, real estate investment management company. The sale was
finalized on December 14, 2006. Marriott International retains a long-term
management contract and the hotel will remain within the Renaissance Hotels
& Resorts brand.
"We're delighted to announce the sale," said Bill Love, the hotel's general manager, "as JER Corporation will bring important resources to completely revive the hotel and its guest amenities and maintaining its status as a world class property."
The planned renovation, expected to cost $32 million, will focus on a complete facelift of the hotel, including all guest rooms, meeting room facilities, upgrading of the lobby and front desk, and porte-cochere as well as all new restaurant concept.
The renovation will take place in phases, and is expected to be completed in mid 2008.
MARRIOTT INTERNATIONAL, INC. (NYSE: MAR) is a leading lodging company with more than 2,800 lodging properties in the United States and 67 other countries and territories.
Marriott International, Inc.
|Also See:||Global Hyatt Corporation and JER Partners Acquiring London's Great Eastern Hotel from Conran Holdings and the Blackstone Group; Hotel Will Be Rebranded Hyatt Regency / February 2006|