Along with its 2013 and Q4 earnings report, Host Hotels & Resorts, Bethesda, Maryland, announced that it purchased the 151-room The Powell Hotel, located in San Francisco, for US$75 million.
The hotel will be managed by Kokua Hospitality, Chicago. Host intends to invest approximately US$22 million in an extensive redevelopment of the property beginning late 2014.
The hotel includes 8,554 sq ft (794 sq m) of retail space, which is occupied by Sephora under a long-term lease.
