Carey Watermark Acquires SF Ritz-Carlton
- Jan 04, 2017
San Francisco—Carey Watermark Investors 2 Inc. has acquired The Ritz-Carlton, San Francisco. The 18-column, nine-story landmark hotel in downtown San Francisco’s Nob Hill neighborhood was originally built in 1909 and designed by Napoleon Le Brun & Sons of New York. The hotel received landmark status in 1984 and underwent a four-year renovation, reopening in 1991.
The 336-key hotel offers 23,000 square feet of meeting space, a 9,400-square-foot ballroom, 2,200 square feet of interior courtyard and function space, two food and beverage outlets, a L’Occitane Spa, a wine tasting lounge, jewelry boutiques, a fitness center and business center. More than $20 million of capital improvements have been completed since 2014, including renovations to all guestrooms, lobby, restaurant, meeting and event space and spa. The fitness center and two retail outlets were added during the construction. The hotel will continue to be managed by The Ritz-Carlton Co.
The hotel is situated along the California Street cable car line. The location offers business and leisure visitors easy access to major destinations such as the Financial District, Union Square, Fisherman’s Wharf and the Moscone Center, San Francisco’s main convention center, which is undergoing a $500 million renovation and expansion set for completion in late 2018.
“As the highest-rated luxury property in a globally recognized destination, the acquisition of The Ritz-Carlton, San Francisco is a significant addition to the CWI 2 portfolio,” said Michael Medzigian, CEO of Carey Watermark Investors 2, in prepared remarks. “In combination with the strength of The Ritz-Carlton brand, the hotel represents a unique and attractive opportunity as we continue to build out our portfolio. San Francisco’s consistently rising property values, limited land availability for hotel development and high cost of construction will support the long-term value of the asset.”
Image courtesy of Carey Watermark Investors 2