Thayer acquires San Francisco JW Marriott

SAN FRANCISCO Thayer Lodging Group has acquired the leasehold interest in the 338-key JW Marriott San Francisco Union Square from Ashford Hospitality Trust.

The transaction, reported by Real Estate Alert, prices the property at slightly more than US$100 million, or about U$300,000 per key.

Dallas-based Ashford acquired the former Pan Pacific-flagged hotel in 2006 for US$95 million and spent US$22 million renovating and rebranding it. Ashford announced its intention to sell the property in November in an effort to reduce its exposure to recourse debt.

Real Estate Alert reports a second San Francisco hotel sale. Walnut Hill Group has agreed to buy the 221-key Best Western Tuscan Inn from a joint venture led by Abacus Lodging Investors. Terms of the sale have not been disclosed. Abacus acquired the property last year from Kimpton Hotels and Restaurants for about US$36.5 million.