Pebblebrook Acquires The Tuscan Fisherman’s Wharf

    Pebblebrook Hotel Trust has acquired The Tuscan Fisherman’s Wharf, a Best Western Plus Hotel, for $122 million. The 221-room hotel is located in Fisherman’s Wharf in San Francisco, Calif. The property will continue to be managed by Kimpton Hotels & Restaurants. This marks Pebblebrook’s seventh hotel investment in the San Francisco market and its third in the Fisherman’s Wharf submarket. The Tuscan, which was built in 1990, underwent a $3.6 million renovation in 2012, impacting all areas of the hotel. The property features an open-air garden courtyard, an 84-seat Italian restaurant, 2,000 square feet of meeting and banquet facilities, a business center, access to a 24-hour fitness facility, and a 69-space below-grade parking lot. Pebblebrook plans to invest $13 to $15 million between 2016 and 2017 in a complete renovation and repositioning of the hotel, including all guestrooms and public areas. The renovation is expected to commence in the fourth quarter of 2016.