NEW YORK—Thayer Lodging Group, a privately held investment company, announced the first investment of Thayer Fund VI – the acquisition of the 338-room Ritz-Carlton San Francisco, from Host Hotels and Resorts. Thayer intends to invest up to $17 million in the property in its first twenty-four months of ownership.
Similar to the J.W. Marriott San Francisco, which Thayer acquired in 2011, Thayer’s approach focuses on increasing market share, effectively managing channels of distribution, and making impactful changes to the hotel’s offerings, services, and amenities.
Lee Pillsbury, co-chairman and chief executive officer of Thayer Lodging Group, said, “We are happy to announce Thayer’s acquisition of the Ritz-Carlton, San Francisco, a truly wonderful property and the first investment for Thayer Fund VI.” He concluded, “We are bullish on the San Francisco market, and bullish on the environment for investing in hotel real estate. We look forward to making additional announcements in the weeks ahead.”
Fred Malek, Thayer Lodging chairman, added, “With this transaction, we hope to replicate the success of our Orlando Grand Lakes Ritz Carlton, one of our highest return investments.”