SAN MATEO, CA— Colliers International Hotels has arranged the sale of the historic Benjamin Franklin Hotel here to the Lembi Group of San Francisco. Bob Eaton, Mark McDermott and Henry Bose of Colliers advised the seller, AFE-Benjamin Franklin, LP, on the transaction. AF Evans Co., Inc. was the manager of the property. The purchase price was not disclosed. Located in the downtown business district, the landmark property has been closed since United Airlines terminated its lease in 2003. The 99-unit, nine-story hotel opened in 1927 and includes the Astaria restaurant and lounge, retail space, an outdoor swimming pool and the two-story Fireside Room, which is the signature lobby area that opens onto the pool deck. The Lembi Group plans to make a significant investment in the property, according to Colliers, and will maintain its historical elegance. The new owners will integrate the operation into their extended-stay CitiSuite program, Colliers noted.
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