Richard Stockton Of Braemar Hotels & Resorts Sells The Clancy Hotel In San Francisco For $115M

The Clancy is a 410-room hotel located at 299 2nd Street in the San Francisco market. Recently, it was sold for $115 million, resulting in a price per key of approximately $280,000. The transaction was completed at a cap rate of 5.2%.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $115,000,000
• Number of Keys: 410
• Price per Key: $280,488
• Cap Rate: 5.2%
• Seller: Richard Stockton - Braemar Hotels & Resorts

Braemar Hotels & Resorts utilized the proceeds from the sale to pay down $64.7 million in debt and retained $43.7 million in net proceeds to strengthen its balance sheet.