SAN FRANCISCO — Carey Watermark Investors 2 Inc. (CWI 2) has acquired The Ritz-Carlton, San Francisco for an undisclosed price.
The 336-room hotel is located in the heart of the Nob Hill neighborhood of San Francisco along the California Cable Car line. The nine-story building was originally developed in 1909 and designed by Napoleon Le Brun & Sons of New York.
The property received landmark status from the City of San Francisco in 1984, and re-opened as The Ritz-Carlton in 1991. Over $20 million of capital improvements have been completed since 2014.
Recent improvements include the renovation of all guest rooms; updates to the lobby, including the addition of two retail outlets; the addition of a fitness center; renovations to the L’Occitane Spa, which includes a wine tasting lounge and jewelry boutique; and renovations to the hotel’s meeting space, which includes a 9,400-square-foot ballroom and 2,200 square feet of interior courtyard and function space.
The Ritz-Carlton Company LLC, an affiliate of Marriott International, will continue to manage the property following the sale. The seller was not disclosed.
Carey Watermark Investors 2 is a non-traded, publicly registered REIT that invests primarily in the hospitality sector. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 2 and manage its overall portfolio.
— Katie Sloan