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LaSalle buys downtown Frisco hotel Sax operator merges with Pritzker venture
6-Oct-11 – Why have one hotel in downtown San Francisco when you can have two? The real estate investment trust that owns Marina City’s Hotel Sax announced on Wednesday it has purchased The Villa Florence hotel (above) for $67.2 million. The 182-room hotel is located in the Union Square district, what LaSalle CEO Michael Barnello called “a terrific location in a supply-constrained market.” Last September, LaSalle purchased Hotel Monaco in San Francisco for $68.5 million. The Villa Florence was built in 1908 and renovated 100 years later at a cost of $10 million. LaSalle, based in Maryland, now owns 37 upscale, full service hotels. Meanwhile, a merger of hotel businesses involving the Pritzkers has a Sax connection. On Monday, John Pritzker announced his Joie de Vivre Hospitality is teaming up with Thompson Hotels, owned by the Pomeranc family of New York. Joie de Vivre operates 33 boutique hotels, Thompson runs 12, including Hotel Sax. Both companies will have a 50 percent stake in a new venture called, for now, JT Hospitality. Thompson CEO Stephen Brandman will serve as CEO of the new company.
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