| PKF Capital Arranges Sale of Two Boutique Hotels in San Francisco |
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For Immediate Release
San Francisco, CA - May 26, 2010 -- PKF Capital has arranged the sale of two boutique hotels in San Francisco, the Fitzgerald Union Square Hotel and the Nob Hill Hotel. Mark McDermott and Henry Bose from PKF Capital’s San Francisco office represented the seller, a San Francisco-based, private real estate investor.
The Fitzgerald Union Square is a historic boutique hotel located at 620 Post Street. The hotel was sold in late April and the buyer was a San Francisco-based owner/operator. In a separate transaction that closed this week, The Nob Hill Hotel was sold to another San Francisco-based owner/operator. The Nob Hill Hotel is a historic boutique hotel located at 835 Hyde Street.
“We were pleased to be able to secure compelling offers for each hotel on behalf of our client, especially in light of the challenging economic and financing environment,” said McDermott. The seller, Pacific Equities West, will continue to rebalance its real estate portfolio and focus on development of Music City, a multi-use venue for aspiring local musicians.
“We continue to see increasing transaction activity and investor interest, as evidenced by our recent closings and current assignments” added Bob Eaton, executive managing director of PKF Capital. “This is not surprising given the improving industry operating metrics and also the significant amount of capital currently seeking lodging assets.”
About PKF Capital - PKF Capital is a leading provider of real estate investment advisory services to the hospitality and leisure industries. Formerly known as Colliers International Hotels (in the U.S.), PKF Capital was formed in 2007 as a result of a merger with PKF Consulting, the premier hospitality consulting firm in the U.S. This union combined the strengths of two industry leaders and greatly expanded the service capability to the hospitality industry. PKF Capital is headquartered in San Francisco and includes current operations in San Francisco, Los Angeles, Sacramento, Seattle, Dallas, and Miami.
PKF Capital, together with PKF Consulting and PKF Hospitality Research, are part of Colliers International and FirstService Corporation (Nasdaq: FSRV), the third largest commercial real estate services firm in the world with 480 offices in 61 countries.
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