Actually, the Four Seasons Clift Hotel in SF was never owned by FS; it was owned by Grosvenor Properties, and FS pulled their managment of the property due to deteriorating physical plant. Following this, the hotel was a member of a marketing association (I believe it was Preferred Hotels). Only after several more years of decline was the property sold to Schrager, renovated, and reopened; the hotel has since filed for protection under Chapter 11 of the Bankruptcy Code.