San Francisco’s St Regis sold

BETHESDA, US Marriott International announced, Thursday, it has completed the sale of its St Regis San Francisco hotel for approximately USD175 million to Qatar Investment Authority (QIA).

Marriott will continue to manage the hotel under a long-term management contract with new owner.

“We have a strong and successful partnership with QIA and we are thrilled that this iconic hotel will expand QIA’s collection of Marriott-branded hotels,” said Marriott International’s president and chief executive officer, Arne Sorenson. 

The 260-room St. Regis San Francisco hotel is home to the Museum of African Diaspora, while the renowned San Francisco Museum of Modern Art is located next door as well as numerous art galleries in the vicinity.

Under its new ownership, the hotel will undergo a renovation of all its rooms and public areas.

Marriott Internationalis the world’s largest hotel company based in Bethesda, Maryland, US, with nearly 6,000 properties in 120 countries and territories.

sourced:ttrweekly.com