LaSalle Hotel Properties buys San Francisco Westin for $350M

LaSalle Hotel Properties acquired The Westin Market Street in San Francisco for $350 million, renaming it the Park Central San Francisco.

LaSalle paid for the acquisition with cash on hand and borrowings from its senior unsecured credit facility. It is LaSalle's seventh hotel property in the San Francisco market, which now accounts for 17 percent of one measure of earnings.

Highgate Hotels will continue managing the hotel as an independent property. Highgate also manages LaSalle's Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key West, Fla.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The Park Central San Francisco, built in 1984, includes 681 rooms. It underwent a $28.3 million renovation in 2007. LaSalle says it will begin new renovations in the fourth quarter of 2016.

Suggested Articles

The Het Slaakhuys building, originally designed by Dutch architect Jo Vegter in 1952, is now known as the Slaak Rotterdam, a Tribute Portfolio Hotel.

The chain will renovate the Fiesta Resort Guam and reopen the hotel as the Crowne Plaza Resort Guam in early 2021.

The 136-key hotel will mark the real estate owner, developer and operator’s fourth hotel at Easton Town Center in Columbus, Ohio.