Spanish hotel company Riu Hotels & Resorts is acquiring the Sheraton Fisherman’s Wharf Hotel in San Francisco from international real estate investment company Acron Group. The seller, based in Switzerland and Dallas, described the price as in the mid-triple-digit-million range. Acron Group bought the hotel for more than $230 million in 2016.
The hotel is expected to join Riu’s portfolio on Nov. 12 after the final formalities of the transaction are completed. The company plans to rebrand the 531-room hotel as the Riu Plaza Fisherman’s Wharf. Thanks to a recent complete refurbishment—Acron Group conducted $30 million in renovations—the hotel will not undergo any changes besides incorporating the Riu Plaza brand image. The hotel features 11 meeting rooms and a bar and restaurant.
“Our objective is to attract mainly European and Latin American holiday makers, who until now have found it hard to visit the city due to the lack of availability,” Luis Riu, CEO of RIU Hotels & Resorts, said in a statement. “Furthermore, it will help us secure our marketing in Asia, as it is a very popular destination there.”
The hotel will mark Riu Plaza’s eighth location and third in the United States. The company plans to add new locations in Toronto and London, as well as a second property in New York. Riu Hotels & Resorts now has 92 hotels in 19 countries.
Acron Group’s headquarters are located in Zurich and Dallas with subsidiaries in Luxembourg; Dusseldorf, Germany; and Sao Paulo. Projects in the United States account for 50 percent of the company’s current investments.