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The Ritz-Carlton Sells

The Ritz-Carlton, San Francisco has been sold for $161M. "We are bullish on the San Francisco market, and bullish on the environment for investing in hotel real estate," said Lee Pillsbury, co-chairman and CEO of Thayer Lodging Group, which bought the hotel. The company plans to "invest up to $17 million over two years to renovate the guest rooms and add more modern touches that appeal to a younger clientele." [SF Business Times]