Scott Griemsmann transactions the Hotel Opal in San Francisco
Jun 13, 2011 | Filed in: Transactions | Hotel Brokerage
San Francisco, CA – June 13th, 2011 - Wolff Urban acquired the 167 room Hotel Opal and plans on converting the hotel to a Hampton Inn by Hilton. The renovation will require a complete overhaul of the hotel exterior with some interior upgrades. The renovated hotel will be the first Hampton Inn in San Francisco, and one of the only upscale limited service hotels in the city.
In addition, the hotel is situated directly across the street from California Pacific Medical Center’s (CPMC) proposed 600 bed hospital and adjacent to the CPMC’s proposed 250,000 square foot medical office building- approximately a $2 Billion development.
“This was such a great deal all around for everyone, Ares was able to maximize the value of the hotel by leveraging the Hampton Inn conversion and new hospital, while Wolff was able to acquire the hotel at a low basis allowing them to complete the renovation and be all in the deal for well below replacement costs. This truly was a win for both parties,” said Scott Griemsmann, who brokered the transaction.
“This was such a great deal all around for everyone, Ares was able to maximize the value of the hotel by leveraging the Hampton Inn conversion and new hospital, while Wolff was able to acquire the hotel at a low basis allowing them to complete the renovation and be all in the deal for well below replacement costs. This truly was a win for both parties,” said Scott Griemsmann, who brokered the transaction.