Marriott opens in Union Square - San Francisco Business Times:

acklinegymejac1362.blogspot.com
After one year and more than $35 the former Crowne Plaza has re-emerged as . With the new brandd and revamped rooms, owner hopez to see revenue per available room increase over 50 percenrthis year. “It’s a completelyt new hotel,” said Stephen Schafer, vice president of strategidc planning and investor relations at Occupancy droppedduring construction, fallingb from 81 percent in 2007 (its final year as a Crowne Plaza) to 58 percent last year. Revenue per availabled room wasjust $84 in with an average daily room rate of $145. Now, as a Felcor expects occupancy in 2009 to reac 70 percent and room rates to average about $200.
Schafer anticipates next year will again post strontggrowth — particularly if the economy starts to Owing to the recession, San Francisco’s lodging industry is down aboutt 15 percent year over year, said Rick a hotel consultant. Nevertheless, Felcor is bullisy on the hotel’s long-term prospects. “Union Square is one of the best hote l markets in the country in terms of demandc generators and barriersto entry. Over the long this market will grow faster than the rest ofthe U.S.,” Schaferr said.
Felcor has owned the 400-roojm hotel with 10,000 square feet of meetinhg spacesince 1998, but seized on the opportunityu to convert to a more upscale Marriott During the renovation, it was temporarily callede Hotel 480, but Marriott was running operations and has been pre-sellint the hotel for most of the last “Opening up a hotel in this needless to say, has its Swig said. “But given that Marriottg has one ofthe world’s strongest brands, is pricex in a good value segment and with a Unioh Square location, it should do very well.
” Each Marriott from Ritz down to Courtyard, is strategicallty priced for its niche, so the hotel should not cannibalize each other’s business, Swig