San Francisco's Argonaut Hotel Sold For $84 Million

by Deidre Woollard (RSS feed)
Feb 21st 2011 at 11:01PM

The Pebblebrook Hotel Trust, which has been buying up hotels around the country, has added another to its San Francisco portfolio that includes the Sir Francis Drake hotel. The Pebblebrook Hotel Trust has announced that it has acquired the Argonaut Hotel for $84 million. The 252-room, boutique-style hotel is located in the Fisherman's Wharf area and will continue to be managed by Kimpton Hotels & Restaurants. The transaction includes the assumption of a $42 million secured loan with the balance provided in cash.

"We are pleased to acquire such a distinctive hotel in one of the most dynamic areas of San Francisco," said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. The hotel was originally constructed in 1907 as the Haslett Warehouse and was converted to a hotel in 2003. The nautically-themed property also features the Blue Mermaid Chowder House and the San Francisco Maritime National Historical Park Visitors Center, along with several retail outlets including Starbucks, Ben & Jerry's Ice Cream, a bike rental outfit and a wine tasting store.

Other Pebblebrook hotels include the InterContinental Buckhead in Atlanta, the Hotel Monaco in Washington DC. Last October Pebblebrook Hotel Trust picked up the Grand Hotel in Minneapolis for $33 million and in December 2010 it bought the Sofitel Philadelphia Hotel for $87 million.

Tags: argonaut hotel, kimpton hotels and restaurants, pebblebrook hotel trust, san francisco, san francisco hotels