Oxford Capital Group acquired five San Francisco Bay-area hotels from Greystone Hotels with plans to reposition many of the assets. Oxford Capital’s wholly owned affiliate, Chicago-based Oxford Hotels & Resorts, has taken over management of the properties.
These five hotels bring Oxford’s Bay Area footprint to nine properties and join its growing national lifestyle hotel portfolio.
“We have been contrarian, value-oriented investors in the lodging sector for nearly 30 years, starting with the RTC crisis of the early ’90s, during the post-9/11 environment, throughout the global financial crisis, and now COVID. Through multiple cycles we have consistently had the courage of our convictions to step up during periods of great uncertainty,” said John W. Rutledge, founder, chairman and CEO of Oxford Capital Group and Oxford Hotels & Resorts. “This is a compelling portfolio of assets in strong locations and submarkets, conservatively leveraged, that we were able to secure at a particularly attractive basis. Despite the current challenging environment in the travel and hospitality space, we remain sanguine about the medium to long-term desirability of downtown San Francisco and Silicon Valley. We believe these attributes will result in a successful outcome for ourselves and our investors.”
Oxford’s Bay Area acquisitions comprise three in downtown San Francisco and two in Silicon Valley:
- King George Hotel, San Francisco: The 153-room hotel opened in 1914 and features 1,150 square feet of meeting space and a lobby bar.
- Hotel Griffon, San Francisco: The 62-room hotel opened in 1906 and features 308 square feet of meeting space and Perry’s Restaurant.
- The Inn at Union Square, San Francisco: The 30-room hotel opened in 1980 and offers Chloe Gallery.
- Creekside Inn, Palo Alto: The 136-room hotel opened in 1955 and has 1,400 square feet of meeting space, a CIBO Restaurant, Driftwood Deli and a Metro PCS store.
- Hotel Los Gatos: The 72-room hotel opened in 2002 and offers 2,000 square feet of meeting space, Dio Deka restaurant and Verde Touch holistic massage center.
“We are optimistic about the recovery potential of the San Francisco Bay Area lodging market,” said Sarang Peruri, COO of Oxford Capital and partner of Oxford Hotels. “These properties are poised to outperform given unique product offering and locations with historically attractive business, leisure, and group demand. We plan to leverage our track record in owning and managing distinctive urban lifestyle hotels as we navigate through these unprecedented times and hopefully head towards normalcy in the coming months and years.”
The terms of the sale were not disclosed.