Block Nine Owner LLC Acquires The Clancy Hotel In San Francisco From Richard Stockton For $115M

The Clancy is a 410-room hotel located at 299 Second Street in San Francisco, specifically in the SoMA district. It was sold for $115,000,000, translating to approximately $280,488 per room.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $115,000,000
• Buyer: Block Nine Owner LLC
• Seller: Richard Stockton - Braemar Hotels & Resorts
• Keys: 410
• PPK: $280,488
• Cap Rate: 4.96%
• NOI: $5.7 million
• Nonrefundable Deposit: $3.5 million

This transaction represents a strategic move by Braemar Hotels & Resorts to streamline its operations ahead of a potential sale. The deal, which is set to close next month, further highlights the growing interest in hotel properties within the San Francisco market.