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Pebblebrook Divests San Francisco Hotel for $315M
Bethesda, MD-based Pebblebrook Hotel Trust sold the 681-room Park Central San Francisco hotel to Highgate Hotels LP. for $315.2 million. The South of Market district property at 50 Third St. is two blocks from Moscone Center, which is nearing completion of a $500-million expansion.
Park Central was built in 1983 as part of Yerba Buena Center’s redevelopment, and is the city’s sixth-largest by room count. The property has been flagged under various brands over the years. It was most-recently known as Westin Market Street until 2015, when LaSalle Hotel Properties picked it up for $350 million.
The Park Central sale follows Pebblebrook’s $5.2-billion acquisition of LaSalle last month. So far, it has divested five properties for $820 million, including the Park Central San Francisco, Park Central New York, WestHouse New York, Gild Hall in New York and Embassy Suites Philadelphia City Center. The company intends to sell additional hotels valued between $750 million to $1.25 billion in the next six to 12 months.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


