Loews Hotels & Resorts has signed an agreement to acquire the Mandarin Oriental San Francisco Hotel located in the heart of San Francisco’s Financial District.
Loews Hotels & Resorts president and CEO Paul Whetsell said: "This will be our first entree into San Francisco, a major gateway market and a very important location for Loews Hotels’ core customer base.
"We have been exploring opportunities to enter the San Francisco market for some time, so we are thrilled to add such a respected five-star hotel to our growing brand."
Managed by Mandarin Oriental Hotel Group, the 158-room Mandarin Oriental San Francisco Hotel is situated on the top 11 floors of San Francisco’s third-tallest office building.
The hotel features Brasserie S&P restaurant, more than 5,000ft² of meeting space and a new 8,000ft² spa and fitness centre.
According to the company, which is a wholly owned subsidiary of Loews, the latest property is the seventh addition to its portfolio announced in the last two and a half years.
In March, Loews Hotels plans to unveil the new-build 400-room Loews Chicago Hotel and continues to grow its brand in gateway cities and resort destinations.
The acquisition is slated for completion in late-March.
US-based Loews Hotels & Resorts owns and operates 23 hotels and resorts across the US and Canada, including two newly acquired mid-west locations, the Loews Minneapolis Hotel and the Loews Chicago O’Hare Hotel.
Image: The Mandarin Oriental San Francisco Hotel occupies the top 11 floors of San Francisco’s third-tallest office building. Photo: courtesy of Daniel Schwen.