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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES $243 MILLION SALE OF WESTIN ST. FRANCIS HOTEL, SAN FRANCISCO |
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Wednesday, April 26, 2000
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New York, NY
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Sonnenblick-Goldman Company, acting as the exclusive financial advisor to Starwood Hotels & Resorts Worldwide, has arranged the sale of the historic Westin St. Francis located in San Francisco, California. An affiliate of Blackstone Real Estate Advisors purchased the hotel for $243 million.
The 1,192 key hotel is located on famous Union Square and is one of San Francisco's preeminent assets. The legendary Westin St. Francis features an elegantly appointed Grand Lobby and over 50,000 square feet of spectacular meeting and banquet space. The hotel also contains approximately 30,000 square feet of prime retail space overlooking Union Square.
The Westin St. Francis contains two towers: the original 14-story structure, which was completed in 1904, and a 32-story tower, which opened in 1972. The Four Star hotel is in the final stages of a $60 million restoration which included, a complete guestroom and corridor renovation and the development of a state-of-the-art health club and spa. As a result of Westin's strong management, the hotel has consistently been awarded the Mobile Guide "Four Star" rating and the AAA "Four Diamond" rating.
"The Westin St. Francis received significant investor interest as a result of the combination of its irreplaceable nature and significant value enhancement potential; however, Blackstone presented a final proposal that was the most attractive. The Westin St. Francis is a West Coast landmark, in a dynamic location which will ensure its long term viability as a market leader," commented Mark Gordon, Managing Director of Sonnenblick-Goldman's Lodging & Leisure Group. |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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