SAN FRANCISCO—Marriott International Inc. finalized the sale of the St. Regis Hotel to the Qatar Investment Authority in San Francisco for $175 million on December 1. 

While the hotel was sold, the long-term contract allows Marriott to continue managing the 260-room building, which is located in the South of Market District, on the corner of Mission and 3rd Street. Renovations have been planned for both hotel guestrooms and public areas within the hotel building, Marriott International confirmed.

“We have a strong and successful partnership with QIA and we are thrilled that this iconic hotel will expand QIA’s collection of Marriott-branded hotels to the U.S.,” said Marriott International’s President and Chief Executive Officer Arne Sorenson in a statement released on their website. “This hotel will remain a flagship for the St. Regis brand, a jewel in the Marriott International portfolio and one of San Francisco’s most desired places to stay.” 

San Francisco’s St. Regis Hotel is surrounded by the Museum of the African Diaspora, as well as the San Francisco Museum of Modern Art. The five-star hotel—known as the St. Regis Museum Tower—is located across the Yerba Buena Gardens. It was built 11 years ago and designed by the firm Skidmore, Owings and Merrill.

Marriott International purchased Starwood Hotels and Resorts Worldwide Inc. last fall, creating the largest hotel conglomerate in the world. Starwood also owns The Luxury Collection, W Hotels, Sheraton, Westin, Le Meridien, Tribute Portfolio, Design, Four Points, Aloft and Element.