One of San Francisco’s most recognized hotels, famous for its cavernous atrium and revolving rooftop restaurant, is changing hands after its outgoing owner added rooms and spent $50 million on renovations to reinvigorate the 53-year-old property.
Sunstone Hotel Investors announced Tuesday that it has sold the Hyatt Regency San Francisco hotel located along the Embarcadero. The Orange County hotel investor wrote in a release that it had sold the property to Blackstone Real Estate for a gross sale price of $279 million.
Sunstone owned the Hyatt Regency for 13 years, netting $16.5 million for its investment. “The sale is consistent with our strategy of more actively managing the portfolio to capitalize on higher private market values and recycle the proceeds into more accretive options on a risk-adjusted basis,” Sunstone CEO Bryan Giglia said in a statement…