JLL Arranges Sale of Sheraton Fisherman’s Wharf San Francisco
(EDITOR’S NOTE: According to public documents, the property sold for $200 million, or roughly $377,000 per room. The transaction closed on December 1st, 2016, and the seller was an entity associated with Boca Raton, Fla.-based Capstar.)
SAN FRANCISCO, December 1, 2016 – JLL today announced the firm has arranged the sale of the Sheraton Fisherman’s Wharf, located in San Francisco. Zurich-based ACRON AG purchased the 531-key property, representing the largest single-asset transaction in the city year-to-date. The hotel will maintain its affiliation with the Sheraton brand and be managed by Pyramid Hotel Group.
http://i1156.photobucket.com/albums/p569/ksershon/Sheraton%20Fishermans%20Wharf%20Pic.jpgThe Sheraton Fisherman’s Wharf occupies a full city block and features two food and beverage outlets, more than 11,300 square feet of indoor and outdoor function space, a heated, outdoor swimming pool, private sun deck and a fitness center. The hotel is located in San Francisco’s most-visited destination and is within walking distance from Jefferson Street, Piers 39 and 41, Ghirardelli Square, North Beach and the Taylor & Bay Street cable car turnaround.
“The hotel has been well-maintained by ownership and is located in the heart of a high-profile, gateway market,” said John Strauss, Managing Director of JLL’s Hotels & Hospitality Group, who led the transaction. “As an iconic tourist destination, Fisherman’s Wharf is one of the best-performing hotel sub-markets in the United States.”
“Due to limited new supply and strong demand fundamentals, hotel investors remain very bullish on San Francisco’s future,” added Strauss. “The city will remain a top investment target for domestic and international buyers in the foreseeable future.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $68 billion worldwide. Between negotiating property deals, the group’s 350-person global team also closed more than 4,400 advisory, valuation and asset management assignments. To find out more visit: www.jll.com/hospitality
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000. On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
ACRON is a management company for real estate investment, which was founded in 1981 in Düsseldorf, Germany. Each real estate investment designed by ACRON is based on a single asset structure for investments in Switzerland, Austria, Germany and the USA. One focus is on hotel real estate investments, which account for 40 percent of the current investments of the ACRON Group. The transaction volume of the company amounted to over 1.5 billion CHF by the middle of October 2016. Clients of ACRON are private individuals and families from all over the world. The ACRON Group is headquartered in Zurich (CH) and has subsidiaries in Luxemburg (LU), Düsseldorf (D), Dallas (US) und Sâo Paulo (BR). www.acron.ch, www.acronusa.com