Real estate investment firm LaSalle Hotel Properties has acquired the Hotel Vitale in San Francisco, California, US, for $130m.
Located at 8 Mission Street at the intersection of the Embarcadero Waterfront and the Financial District, the hotel is in close proximity to the Financial District and South of Market (SoMa) area.
Hotel Vitale has 200 guestrooms with an average area of 375ft² each, and includes eight suites.
LaSalle Hotel Properties president and CEO Michael Barnello said that Hotel Vitale is outstanding physically and in terms of its location.
"The hotel is surrounded by demand generators that attract corporate and leisure business and the views from the hotel are breathtaking," Barnello added.
"Room demand is at peak levels and supply growth is expected to be limited for the next several years, which bodes well for owners and operators.
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"Market performance has been strong and we are pleased to have acquired our sixth hotel in San Francisco."
Built in 2005, the hotel features the Americano Restaurant & Bar, which is its signature dining outlet featuring a modern design and a cocktail lounge, indoor dining area with 180° panoramic views, 18-seat private dining room and 3,000ft² outdoor patio overlooking the Embarcadero and San Francisco Bay.
Additionally, the property includes 11,300ft² of meeting and event space that includes several outdoor spaces.
The hotel is situated in close proximity to retail and entertainment attractions such as Steuart Street’s restaurant row, Moscone Center, AT&T Park and Union Square.
Hotel Vitale is managed by Commune Hotels and Resorts, which also operates the company’s Gild Hall hotel in New York.
Image: Hotel Vitale. Photo courtesy of LaSalle Hotel Properties.