January 3, 2017
Carey Watermark Investors 2 Incorporated (CWI 2) acquired The Ritz-Carlton, San Francisco hotel from Annapolis, MD-based Thayer Lodging, Brookfield Hotel Properties for an undisclosed price.
More than $20 million of capital improvements have been completed since 2014 at the 336-room Nob Hill property, including the renovation of all guest rooms and comprehensive updates to the lobby, restaurant, meeting and event space, and spa. Two new retail outlets and a fitness center were also added during the renovation.
The REIT’s Michael Medzigian says, “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.”
The 18-column, Napoleon Le Brun & Sons-designed nine-story building spans Stockton St., and was originally developed in 1909. The neo-classical treasure holds San Francisco landmark status and, after an extensive four-year renovation, re-opened in 1991.
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