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CALIFORNIA / News and Insight on Business in the Golden
State

Marriott Buys S.F. Ritz-Carlton

September 10, 1998|From Bloomberg News

Host Marriott Corp. on Wednesday said it bought the 336-room Ritz-Carlton San Francisco for $161 million, gaining one of the most luxurious hotels in one of the nation's most profitable markets.

Host Marriott said it expects the five-star hotel to generate about $18.6 million in operating cash flow in 1999. San Francisco is one of the most profitable hotel markets because competition there is limited by high building costs.

Waverly Associates, a closely held partnership, was the seller, a Host Marriott spokesman said.

Bethesda, Md.-based Host Marriott owns 96 hotels operated under the Marriott and Ritz-Carlton names. It is also general partner and holds minority interests in 244 hotels.

Host Marriott shares fell 19 cents to close at $13.38 on the New York Stock Exchange.

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