San Francisco’s improving hospitality market has seen another high-profile deal perfected as investors focus their attention on the city’s increasing appeal for both business and tourism. The Chesapeake Lodging Trust recently closed a deal for the Hyatt Fisherman’s Wharf, paying a purchase fee of around $103.5 million for the hotel to an affiliate of Hyatt Hotels Corporation.
The venue will continue to operate under the Hyatt brand, as the new owner has reportedly agreed to a management contract with Evolution Hospitality, who will carry out its duties under a franchise agreement with another Hyatt affiliate.
The five-story, 313-key Hyatt Fisherman’s Wharf is located in one of the more tourist-friendly areas of San Francisco. Fisherman’s Wharf offers immediate proximity to Ghirardelli Square, the Cannery, Pier 39, North Beach, Chinatown, Alcatraz, Maritime National Historic Park and the Cable Car turnaround. Guests staying for business purposes will find that the hotel is located just a short distance from San Francisco’s growing Financial District.
The package offered at the facility includes eight suites, 19,000 square feet of meeting space, a full-service restaurant and lounge, a coffee shop, heated outdoor pool and state-of-the-art fitness center, as well as 4,700 square feet of retail space located at ground level. According to a press statement, the hotel is being targeted for a renovation process that should commence towards the end of 2014.
This is the third venue that Chesapeake now owns in San Francisco hospitality market, and according to James L. Francis, President and CEO of the Lodging Trust, the property “complements our hotels in the Financial District and Union Square.”
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Image courtesy of fishermanswharf.hyatt.com