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Starwood Sells W San Francisco

Where: 181 3rd Street [map], San Francisco, CA, United States, 94102

News outta W Hotels today (well, news besides the opening of W Washington DC): according to the San Francisco Chronicle, Starwood has agreed to sell the W San Francisco to Hong Kong investment company Keck Seng Investments Ltd for $90 million. Per a statement made by Starwood, the sale was made to reduce the 'wood's debt — but never fear, the place will still operate as a W.

But the sale sort of sheds light on the sad-ish state of affairs in the hotel industry:

The high-water mark for San Francisco hotel sales was set around April 2007, when Taj Hotels Resorts and Palaces based in Mumbai, India, bought Campton Place from Kor Hotel Group of Los Angeles for about $58 million. That amounted to more than $500,000 per room, nearly 60 percent more than the W's "per-key" price of less than $213,000.

Whew. That W had been for sale since the end of last year, though, so we guess it's good that someone bought the place.