SAN FRANCISCO: Pebblebrook's Big Plans for Fisherman's Wharf
Want to get a jump-start on upcoming deals? Meet the major players at one of our upcoming national events!
Pebblebrook recently picked up the 355-room Radisson Hotel Fisherman's Wharf and retail for $132M from Square Mile and has plans to spend millions more on the site. (Good, we're not the only one who gets upsold on the Wharf.) Pebblebrook finance head Matt Partridge tells us closing was "complicated" because 44k SF of ground-level retail is attached and has a ground lease with 48 years remaining (only two years less than Robinson Cano's new deal). CEO Jon Bortz, above, was attracted to the property's diverse income streams, including retail revenue from tenants like CVS, Johnny Rockets, and IHOP.
Jon sees the site as a big fixer-upper and plans to invest $18M to $20M in the next two years to renovate all rooms and public areas, inside and out. The new design under Pebblebrook's watch will be overseen by Dawson Design Associates, the same team that repositioned the company's Hotel Zetta. Renovations will start in the Q4 '14, and the company plans to rename the property after they wrap up. (No decisions have been made yet about the flag.) Pebblebrook already has a solid presence in S.F. and owns the nearby Argonaut Hotel and three others across the city.