ANNAPOLIS, Md. (AP) -- Chesapeake Lodging Trust said Friday that it has purchased the Hyatt Fisherman's Wharf for $103.5 million from Hyatt Hotels Corp.
The 313-room hotel is located in the heart of Fisherman's Wharf, one of San Francisco's major tourist attractions. The property also includes approximately 4,700 square feet of ground-level retail space.
Chesapeake said it has contracted with Evolution Hospitality to manage the hotel under a franchise agreement.
James Francis, CEO of Chesapeake, said the purchase represents its third property in San Francisco, joining its existing hotels in the Financial District and Union Square in San Francisco.
The real estate investment trust plans to spend about $8 million to renovate the hotel starting in the fourth quarter.
Chesapeake, based in Annapolis, Md., owns 19 hotels in eight states and the District of Columbia.