Oxford Capital Group has acquired five hotels in the San Francisco Bay Area from Greystone Hotels to reposition many of the assets. The wholly owned subsidiary of Oxford Capital, Oxford Hotels & Resorts, based in Chicago, has taken over management of the property.
These five hotels bring nine hotels to Oxford’s Bay Area and complement the growing national lifestyle hotel portfolio.
“We have been contrarian, value-oriented investors in the accommodation sector for almost 30 years, starting with the RTC crisis in the early 1990s, during the post-9/11 environment, during the global financial crisis and now with COVID. Over several cycles, we have always had the courage to step up in times of great uncertainty, ”said John W. Rutledge, Founder, Chairman and CEO of Oxford Capital Group and Oxford Hotels & Resorts. “This is a convincing portfolio of assets in strong locations and sub-markets that are used conservatively and that we were able to secure on a particularly attractive basis. Despite today’s challenging travel and hospitality environment, we remain confident that downtown San Francisco and Silicon Valley are desirable in the medium to long term. We believe these properties will lead to a successful outcome for us and our investors. “
The Oxford Bay Area acquisitions include three in downtown San Francisco and two in Silicon Valley:
- King George Hotel, San Francisco: The 153-room hotel opened in 1914 and has 1,150 square meters of meeting space and a lobby bar.
- Hotel Griffon, San Francisco: Opened in 1906, the 62-room hotel has 308 square feet of meeting space and Perry’s Restaurant.
- The Inn on Union Square, San Francisco: Opened in 1980, the 30-room hotel features the Chloe Gallery.
- Creekside Inn, Palo Alto: The 136-room hotel opened in 1955 and has 1,400 square feet of meeting space, a CIBO restaurant, Driftwood Deli and a Metro PCS store.
- Hotel Los Gatos: The hotel with 72 rooms was opened in 2002 and offers 2,000 square meters of conference space, the Dio Deka restaurant and the comprehensive Verde Touch massage center.
“We are optimistic about the recovery potential of the San Francisco Bay Area accommodation market,” said Sarang Peruri, COO of Oxford Capital and a partner at Oxford Hotels. “Given the unique product range and locations with historically attractive business, leisure and group demand, these properties are in a position to outperform. We plan to capitalize on our track record of owning and managing hotels with distinctive urban lifestyles as we navigate these unprecedented times and hopefully head towards normal in the months and years to come. “
The terms of sale were not disclosed.