Acron sells US hotel to Riu
The Acron Group sells the Sheraton Fisherman's Wharf hotel in San Francisco to the Spanish hotel chain Riu. Acron had renovated the property for $30 million.
The Sheraton Fisherman's Wharf Hotel comprises 531 rooms and was acquired by Acron Fisherman's Wharf Hotel SF AG in 2016. At the time, it was the Group's largest single investment.
Acron invested $30 million in the renovation of the property; the sale price now achieved is in the "mid triple-digit millions (U.S. dollars)," according to the company. As a result, investors have realized more than 25% in added value.
For new owner Riu Hotels & Resorts, the Sheraton Fisherman's Wharf is the first hotel on the U.S. West Coast.
Acron now holds two hotels remaining in the U.S.: the Kimpton Overland Hotel in Atlanta, located adjacent to the Porsche Cars North America headquarters, and "The Sable" hotel under construction on Navy Pier in Chicago. (ah)
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