Lasalle

LaSalle Hotel Properties has acquired The Westin Market Street hotel in San Francisco, California, US, for around $350m.

LaSalle noted that it has renamed the acquired property as Park Central San Francisco, upon closing.

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The company has selected Highgate Hotels to manage the Park Central and WestHouse in Manhattan and Southernmost Hotel Collection in Key West.

Featuring 681 rooms, Park Central is situated at 50 Third Street, adjacent to Market Street that bisects San Francisco between the SoMa District and the Financial District.

Constructed in 1984, the hotel was renovated with an investment of around $28.3m in 2007, while the company plans to begin a normal life-cycle renovation in the fourth quarter of 2016.

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"The San Francisco lodging market remains very strong, with demand at peak levels and limited supply growth on the horizon."

The property features 23,000ft² of flexible meeting and event space, including a 9,000ft² ballroom that can accommodate around 1,200 guests.

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LaSalle Hotel Properties president and CEO Michael Barnello said: "The San Francisco lodging market remains very strong, with demand at peak levels and limited supply growth on the horizon, and we are excited about increasing our presence in San Francisco for the second time within ten months, marking our seventh hotel in the city.

"Park Central San Francisco represents an excellent opportunity to expand our relationship with Highgate Hotels and capitalise on cross-selling initiatives with the Park Central in Manhattan."

LaSalle is a multi-operator real estate investment trust that owns 46 hotels, including upscale and full-service properties, totalling around 11,900 guest rooms in 14 markets in ten states and the District of Columbia.

Image: Executive suite in Park Central San Francisco hotel. Photo: courtesy of Business Wire.