QIA Pays $175M for The St. Regis San Francisco
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The St. Regis San Francisco
San Francisco—And the buying binge continues. Qatar Investment Authority just added another gem to its ever-growing U.S. portfolio with the purchase of The St. Regis San Francisco. The sovereign wealth fund of the State of Qatar acquired the 260-key hotel from Marriott International Inc., in a transaction valued at approximately $175 million.
According to a report released by commercial real estate services firm JLL in 2005—the same year the St. Regis opened its doors—the property cost roughly $130 million to develop.
Located in a 40-story tower topped by residences at 125 3rd St., the Skidmore, Owings & Merrill-designed hotel boasts a premier address, counting the San Francisco Museum of Modern Art as its next-door neighbor. QIA will submit the luxury lodging destination to a renovation program, but there’s something that won’t change; the company signed a long-term agreement for Marriott to stay aboard as manager…
