Pebblebrook Hotel Trust Expands in San Francisco with the $49 Million Purchase of The Prescott Hotel
- May 28, 2014
As the Californian hospitality market continues on its upswing, a brand new hotel deal was perfected this week. Pebblebrook Hotel Trust recently purchased the Prescott Hotel in San Francisco for a total fee of $49 million. The new owner has also announced that the hotel will continue to be managed by operator Kimpton Hotels & Restaurants.
The 160-key Prescott Hotel is an upper upscale, full-service venue is located in the immediate vicinity of San Francisco’s Union Square, on Post Street. The property is also located in the proximity of the Moscone Convention Center, the Westfield San Francisco Centre urban shopping mall, as well as the world famous Powell & Market cable car turntable. Consisting of two separate buildings, located at 545 Post Street and 555 Post Street, the hotel had a great past year, operating at approximately 88 percent occupancy and an average daily rate of $206 and room revenue per available room of $181.
555 Post was finished in 1922 for the Union League Club while 545 opened in 1913 as the Cecil Hotel. The two buildings became the home of the Prescott Hotel after a renovation process in 1989. The hotel’s guest amenity package includes features such as high-speed internet access, fully stocked honor bars, 37-inch LG flat screen TVs, luxury bath packages as well as Kimpton’s leopard-print bathrobes. The Prescott also includes 600 square feet of meeting space, a fitness center and valet parking service.
New owner is planning a comprehensive renovation and repositioning of the hotel, set to begin sometime during the following year. Dawson Design Associates will handle the designs, a result of the owner’s fruitful partnership with the company on Hotel Zetta and Radisson Hotel Fisherman’s Wharf. Kimpton Hotels & Restaurants, who has managed the hotel since its 1989 opening, is in charge of eight other hotels owned by Pebblebrook.