LaSalle Hotel Properties (NYSE: LHO) announced that it acquired the Serrano Hotel in San Francisco, CA. The purchase price was $71.5 million. The Company funded the transaction with borrowings from its Senior Unsecured Credit Facility.
"We are very excited to have acquired this well-located asset in one of the strongest markets in the United States"
The 236-room, full-service Serrano Hotel is located at 405 Taylor Street in the heart of San Francisco's Theater District, three blocks from Union Square and within a few blocks of the Moscone Convention Center. The hotel is surrounded by numerous amenities, including restaurants, retail offerings and vibrant nightlife. The Financial District, Chinatown, Grace Cathedral, Nob Hill and Sony Metreon are all within walking distance of the property. The property is also proximate to the emerging corporate demand driven by technology-related tenants in the South of Market ("SoMa") and Mid-Market areas.
The Serrano Hotel's 236-rooms include 19 suites which average 500 square-feet. The property also features Jasper's Corner Tap & Kitchen, which opened in 2011 and has been extremely well-received by visitors and locals. The asset includes 2,553 square- feet of meeting space in five flexible meeting and banquet rooms.
Originally built in 1928, the building was closed in 1998 and completely renovated. It reopened as the Serrano Hotel in 1999.
"We are very excited to have acquired this well-located asset in one of the strongest markets in the United States," said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. "San Francisco has been experiencing extraordinary growth and we are very familiar with this particular location and the asset, as it is next door to our Hotel Monaco and two blocks from Villa Florence."
The Serrano Hotel will continue to be operated by Kimpton Hotels and Restaurants, which is headquartered in San Francisco, CA.
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