FOR IMMEDIATE RELEASE
Contact: Lauren Smith / Greg Young
IDEA HALL
(714) 436-0855 ext. 23 / 25
lauren@ideahall.com /
greg@ideahall.com
BUCHANAN STREET PARTNERS' HOTEL INVESTMENT SALES GROUP ARRANGES SALE OF HOTEL GRIFFON IN SAN FRANCISCO FOR $15.25 MILLION
- Listing, marketing, escrow and closing completed in just three months.
- Per-square-foot price is near record for boutique hotels in the area.
San Francisco, CA (April 14, 2006) - Buchanan Street Partners, a national real estate
investment bank, announced today that its recently formed Hotel Investment Sales Group has made news
by arranging the sale of the Hotel Griffon in San Francisco's Financial District, for $15.25 million.
The hotel was bought by San Francisco-based Greystone Hospitality. The seller was Embarcadero Inn
Associates.
The boutique hotel, built in 1906, is one of only three hotels along the Embarcadero, offering
panoramic views of the Bay and located in close proximity to Union Square, Chinatown, SOMA ("South of
Market") and Fisherman's Wharf.
"This is a jewel box boutique hotel with a phenomenal location in downtown San Francisco," said Curtis
Davies, Senior Vice President, Buchanan Street Partners. "The sale to Greystone Hospitality underscores
the strength of the market. Hotels in San Francisco are hot commodities right now because the common
perception is that tremendous upside potential exists in San Francisco's rate growth. Furthermore,
there are huge barriers to entry and very little new product coming on line in the next few years."
The offering was packaged, marketed and escrow closed in just three months-without once disrupting
on-going business at the hotel.
"We are extremely pleased with the sale on all levels," said the Seller, Tom Gray, Managing Partner,
Embarcadero Inn Associates. "The speed and proficiency with which Buchanan Street Partners handled
everything was critical in such a competitive market and the fact that business at the hotel wasn't
impacted at all made the experience that much better."
"We are delighted with our acquisition of the Hotel Griffon and found Buchanan Street Partners to be
most professional and accommodating during the course of the transaction," said the Buyer, Eric Horodas,
President, Greystone Hospitality.
Greystone Hospitality will add the Hotel Griffon to its portfolio of quality lodging properties in
both Northern and Southern California which include: The King George Hotel, the Inn on Union Square,
the Creekside Inn, The Bristol and the Seven Seas.
About Buchanan Street Partners…
Buchanan Street Partners is a real estate investment bank that provides
real estate capital for owners and developers. The firm makes principal equity investments for real
estate in a discretionary capacity, arranges debt and structured finance, is an investment manager
to institutional and private investors, offers investment sale brokerage services, and has a
specialty in self-storage finance.
The firm's Hotel Investment Sales Group, based in San Francisco, provides investment and finance
services to the hospitality industry, and looks to exceed $500 million in combined hotel transactions
and financings in 2006. Buchanan Street Partners operates from offices in Newport Beach, Los Angeles,
San Francisco, Chicago and Atlanta.
About Greystone Hospitality…
Greystone Hospitality owns and manages quality hotels with premium
location in Northern and Southern California. Personalized service is the company's cornerstone and
is reflected at each property. More information is available about Greystone Hospitality
at www.greystonehospitality.com.
