Spain-based RIU Hotels & Resorts purchased the former Sheraton Fisherman's Wharf hotel in San Francisco from Acron U.S. Management Inc. for $270.3 million, the San Francisco Business Times reported.

The transaction is one of the most expensive hotel deals in the city in 2019, the publication noted. Acron had paid $200 million for the 531-room property in 2016.

The acquisition of the 2500 Mason St. property, which underwent a $30 million worth renovation earlier in 2019, marks RIU's entry in San Francisco.