Qatar Investment Authority Buys St. Regis In San Francisco For $175M
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St. Regis in San Francisco just changed hands for $175M. Qatar Investment Authority bought the 260-room hotel next to the SFMOMA from Marriott, reports the San Francisco Business Times. Marriott will maintain its long-term management agreement of St. Regis San Francisco, according to Reuters.
The foreign investment fund had been in serious talks to acquire the St. Regis hotels in New York and San Francisco since May when Starwood Hotels owned them. Starwood was trying to unload some assets before being acquired by Marriott, a transaction that closed in September.
Qatar Investment Authority has bought $38B in real estate since its inception in 2009. It partnered with Douglas Emmett and bought four Los Angeles offices this year for $1.34B, reports Bloomberg. Last year it was the largest foreign investor of US offices with its $8.6B investment in Brookfield Property Partners’ Manhattan West project. [SFBT]