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LaSalle Hotel Properties Acquires Hotel Vitale

LaSalle Hotel Properties Acquires Hotel Vitale

BETHESDA, Md.—LaSalle Hotel Properties has acquired Hotel Vitale in San Francisco, Calif., for $130 million. The company funded the acquisition with borrowings from its senior unsecured credit facility. The 200-room hotel is located at the intersection of the Embarcadero Waterfront and the Financial District, across from the historic Ferry Building Marketplace. There is 21 million square feet of existing office space and 3.5 million square feet of new office development within six blocks of the hotel. Some of San Francisco’s most notable companies surround the hotel, including Salesforce, Google, Gap, and PG&E. Hotel Vitale is also proximate to retail and entertainment attractions, such as Steuart Street’s restaurant row, Moscone Center, AT&T Park, and Union Square. “We are thrilled with this acquisition,” said Michael D. Barnello, president and chief executive officer of LaSalle Hotel Properties. “Hotel Vitale is outstanding physically and in terms of its location. The hotel is surrounded by demand generators that attract corporate and leisure business and the views from the hotel are breathtaking. “We are also excited about increasing our presence in San Francisco. Room demand is at peak levels and supply growth is expected to be limited for the next several years, which bodes well for ...

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Airbnb To Collect Hotel Taxes for San Francisco

Airbnb To Collect Hotel Taxes for San Francisco

Following its offer to collect and pay $21 million in taxes in New York City and a smaller initiative in Portland, Airbnb has agreed to pay the San Francisco’s 14 percent hotel tax by the summer. The move could potentially add millions to city coffers and help Airbnb avoid conflict with regulators, according to this article from SFGate. Under the plan, Airbnb would collect and remit to the city taxes that originate directly from guests as an extra charge on their bill, the same way that hotels collect them, the article says. For example, a guest staying in a $100-per-night Airbnb room would pay an extra $14 a night. Out of the 32,000 cities worldwide where Airbnb operates, San Francisco and Portland, Ore., would be the first ones where it collects hotel taxes. Read more at SFGate.

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DoubleTree by Hilton San Francisco Airport North Opens

DoubleTree by Hilton San Francisco Airport North Opens

SAN FRANCISCO and MCLEAN, Va.—Hilton Worldwide and DoubleTree by Hilton have announced the opening of the new DoubleTree by Hilton San Francisco Airport North. The contemporary 210-room hotel boasts views of the San Francisco Bay and Marina, as well as convenient access to the area’s most popular attractions, including Alcatraz, Chinatown, and the Moscone Convention Center. DoubleTree by Hilton San Francisco Airport North is owned by Summit Hotel Trs 114 LLC and managed by Stonebridge Companies. “We are delighted to expand our presence in San Francisco and deliver the upscale, full-service hotel experience that both business and leisure travelers are seeking in one of the most vibrant cities in the world,” said John Greenleaf, global head, DoubleTree by Hilton. DoubleTree by Hilton San Francisco Airport North debuts with a fresh design featuring earth tones to accent the rich new granite and wood fixtures and all new furniture throughout the guestrooms and public areas. Ideally-suited to accommodate varying meeting and event needs, the hotel offers 4,200 square feet of flexible meeting and event space, including five meeting rooms that can host 10 to 160 people, and a 1,920-square-foot premier ballroom. At Xebec Restaurant and Lounge, guests can enjoy cocktails and contemporary ...

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InterContinental Mark Hopkins San Francisco Sells for $120 Million

InterContinental Mark Hopkins San Francisco Sells for $120 Million

InterContinental Hotels Group PLC (IHG) announced the sale of the 383 room InterContinental Mark Hopkins San Francisco to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for $120 million gross cash proceeds. IHG will continue to manage the Hotel under a long-term management contract. The hotel first opened in 1926, and became an InterContinental in 1973. IHG acquired the lessee interest in 1983 and subsequently acquired the freehold in 2010. The new owners have agreed to invest approximately $20 million to refurbish and reposition the hotel. The sale is a continuation of IHG’s strategy to reduce the capital intensity of the business. Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of almost $830 million. The disposal of InterContinental London Park Lane completed in May 2013 and the disposal of an 80 percent interest in InterContinental New York Barclay was announced in December 2013; this is expected to complete next month. “Today’s announcement is yet another milestone for IHG, as we continue our asset light strategy,” said Paul Edgecliffe-Johnson, chief financial officer of IHG. “This demonstrates our ability to execute major ...

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Hilton San Francisco Union Square To Refresh Guestrooms

Hilton San Francisco Union Square To Refresh Guestrooms

SAN FRANCISCO—The Hilton San Francisco Union Square announced it is beginning a full renovation of 575 rooms and suites including the addition of 37 more keys. The addition will bring the hotel’s total inventory to 1919. This is the second phase of a major enhancement project for the hotel which began in 2012 with the renovation of rooms, suites, and meeting space in Tower 3. This current project is scheduled for completion in April 2015. “The first phase of room renovations received exceptional feedback from our guests and we are excited to continue to improve our accommodations with the launch of the enhancement project in Tower 1,” said Michael Dunne, general manager, Hilton San Francisco Union Square. The refreshed rooms will feature a minimalist, contemporary design with dark woods and ocean-inspired colors that reflect the air of this “City by the Bay.” Major enhancements will include installation of new entry doors and sound-proofing wall insulation as well as new telecommunication equipment incorporating both wired and wireless Internet access and other added conveniences of home such as sleek furniture, mini-refrigerators, and contemporary bathrooms with black tile accents and modern fixtures. The three-tower hotel features 134,500 square feet of meetings and special ...

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