The Pebblebrook Hotel Trust has acquired the Argonaut Hotel in San Francisco, California, US, for $84m.
Pebblebrook plans to pay for the property by assuming a $42m secured loan and raising the remaining funds from the company’s available cash.
The property was constructed in 1907 as the Haslett Warehouse, which was converted into a hotel in 2003 and features 252 guestrooms, 2,438m² of meeting space, a restaurant and a 1,280m² ballroom.
Thee hotel is home to the San Francisco Maritime National Historical Park, which houses a 548m² exhibition room.
The hotel will continue to be managed by Kimpton Hotel and Restaurants, which has managed the property since 2003.