The Pebblebrook Hotel Trust has announced it has acquired the Hotel Milano in downtown San Francisco for $30 million. The company will invest more than $8 million in improvements to the hotel’s rooms, public areas and the restaurant.
The Milano is in a prime location downtown, located in the South of Market and only a few steps away from the Convention Center and the Westfield San Francisco Shopping Centre, home to stores like Bloomingdales and Calvin Klein.
The 108-room Hotel Milano will start its renovations around the second half of 2012 and upon completion; the trust plans on renaming the hotel. Managing the Milano will be Viceroy Hotel Group, which also manages two of the trust’s other hotels in Santa Monica and Miami.
The Pebblebrook Hotel Trust is a mammoth in hotel properties. Counting the acquisition of the Hotel Milano, the company owns 21 properties, adding up to $1.7 billion in investments since 2009.
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Source: CityBiz
