San Francisco’s Sir Francis Drake Hotel Gets New Owner

Pebblebrook Hotel Trust (Bethesda, Md.) has partnered with The Chartres Lodging Group to acquire the Sir Francis Drake Hotel for $90.0 million. The 416-room, upscale full-service hotel is located in downtown San Francisco in the heart of Union Square. The hotel will continue to be managed by Kimpton Hotels & Restaurants.

“We are very excited to acquire one of San Francisco’s most recognizable hotels,” says Jon Bortz, chairman, president and ceo of Pebblebrook Hotel Trust. “We are also extremely pleased to invest in San Francisco, which is one of our top target markets.”

The hotel is adjacent to Saks Fifth Avenue’s San Francisco flagship store, and is located within a half block of some of the world’s other leading retailers, including Prada, Gucci, Tiffany’s and countless other boutiques and department stores. The 23-story hotel was constructed in 1928 and includes the award-winning Scala’s Bistro and the Wine Room at Scala’s.

The transaction marks the second acquisition for Pebblebrook since completing its initial public offering in December of 2009. The company has previously announced signed agreements to purchase three other hotels, in the Washington, D.C./Baltimore area; Minneapolis/St. Paul region; and Atlanta.