SAN FRANCISCO A trio of boutique hotels in San Francisco’s Union Square district formerly owned and managed by Personality Hotels have been acquired by AEW Capital Management LP.
The hotels—Hotel Frank, Hotel Metropolis and Hotel Vertigo—were foreclosed on by Centerline Capital Group back in May. The price paid by AEW has not been disclosed.
The three properties, comprising 360 guestrooms, will be managed by Aspen Hotel Management Group. “AEW manages real estate investments worldwide and is highly regarded in the industry,” says Bashar Wali, president of Aspen. “We are thrilled to partner with a world-class organization like AEW as we reenter the San Francisco market.”
Aspen is the parent company of Hotel Project Group and Provenance Hotels. Hotel Project Group will manage the portfolio and implement the strategic business plan in collaboration with AEW. The longer-term goal is for Provenance Hotels to rebrand and reposition the assets, focusing on an integrated art concept.