Blackstone has finalized a deal to acquire the 277-key Four Seasons San Francisco at 757 Market St., the San Francisco Chronicle reported. Although the sale price was not disclosed, the Wall Street Journal earlier reported that Blackstone was expected to pay around $130 million, or about $470,000 per key, a discount from what Westbrook Partners sought when it put the property on the market last year.
The acquisition marks Blackstone’s first San Francisco hotel deal in roughly a decade. It follows the $408-million sale of the Hilton San Francisco Union Square and Parc 55 San Francisco last month to a partnership of Newbond Holdings and Conversant Capital.
In a LinkedIn posting, Nadeem Meghji, global co-head of real estate at Blackstone, wrote, “We’re huge believers in the San Francisco recovery, and if you want to invest in the AI revolution, owning high-quality San Francisco real estate is a great way to do it. The city is experiencing a surge in demand and office utilization, which we believe is supporting the strong rebound in travel and hospitality.”
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