Global investment firm Sixth Street has acquired The Clancy, a 410-room lifestyle hotel in San Francisco, from Braemar Hotels & Resorts for $115 million.
Braemar first announced in early October that it had entered into a definitive agreement to sell the hotel and said it completed the transaction last week, without disclosing the buyer.
The Clancy is located in the South of Market (SoMa) neighborhood, close to multiple demand drivers including the Moscone Center, Oracle Park and a collection of established and upcoming technology tenants within the downtown core. The hotel features 8,700 sq. ft. of flexible meeting space, two food and beverage options and 140 owned parking spaces.
“This investment reflects our deep conviction in the San Francisco recovery story, which we believe is in its early innings,” said Marcos Alvarado, partner/head, U.S. real estate, Sixth Street. “Improving leisure and convention travel is bolstered by strong tenant demand from expanding AI firms, which provides a constructive backdrop for future performance at The Clancy.”
The company completed this transaction in partnership with Riller Capital. The fee-simple hotel will continue to be managed by Marriott International as an Autograph Collection hotel under Sixth Street’s ownership.
