Host Marriott Corp. on Wednesday said it bought the 336-room Ritz-Carlton San Francisco for $161 million, gaining one of the most luxurious hotels in one of the nation's most profitable markets.
Host Marriott said it expects the five-star hotel to generate about $18.6 million in operating cash flow in 1999. San Francisco is one of the most profitable hotel markets because competition there is limited by high building costs.
Waverly Associates, a closely held partnership, was the seller, a Host Marriott spokesman said.
Bethesda, Md.-based Host Marriott owns 96 hotels operated under the Marriott and Ritz-Carlton names. It is also general partner and holds minority interests in 244 hotels.
Host Marriott shares fell 19 cents to close at $13.38 on the New York Stock Exchange.