Significant Change Afoot in Ownership of SF Hotels

. October 14, 2008

SAN FRANCISCO, CA, March 29, 2006. A recent rush of activity in this market is leading to several key hotels changing ownership and brands. The Argent, Pan Pacific and Park Hyatt hotels all are expected to be renamed by the end of the year as new owners try to figure out the value of a brand. All three hotels have changed hands or begun the process of changing hands since January.

The Argent was recently sold to Highgate Holdings of Irving, TX; the Pan Pacific was sold to Ashford Hospitality of Dallas; and the Park Hyatt was sold to HEI Hospitality.

Of the three, only the Pan Pacific had been owned locally by an opportunity fund that acquired the property in 2003 from Japan-based Tokyu Corp.

The new owners are looking to tap established national brands hooked into rewards programs for regular guests. Hotels have reliant on customer loyalty programs to attract and retain guests.

The Argent is now poised to become a Westin, according to a local report.

The Pan Pacific, on the other hand, is close to converting to a JW Marriott, according to a source close to the hotel's management.

The Pan Pacific made $4.8 million last year, nearly tripling 2004's profit, according to General Manager Sileshi Mengiste, who acknowledged owner Ashford is going to rebrand the hotel.

The Park Hyatt is set to take on Starwood's resort-oriented Le Meridien brand.

It was further revealed that The Crowne Plaza on Union Square is also looking for a new brand. The property is owned by FelCor Lodging Trust.

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