Downtown San Francisco’s Hyatt Place sold for more than $105 million, a sign the Bay Area’s hotel market may be heating up.
Provo, Utah-based Dynamic City Capital bought the 230-room property from Stonebridge Cos., the San Francisco Business Times reported. Property transfer tax records show it changed hands for $105.9 million.
The 12-story property at 701 Third Street opened in January 2019 and includes 4,300 square feet of retail space and a 24/7 market. Dynamic City owns three hotel projects across the Bay Area, including the 194-room Element San Jose Milpitas, which is set to open this month.
The price equates to about $460,243 per key, about $40,000 more than the median price for six hotels sold in San Francisco in 2021. It was just below what AWH Partners paid for the century-old 189-room Villa Florence hotel near Union Square in September.
Some 510 individual hotels sold in California last year for a total of $9.93 billion, according to Atlas Hospitality’s year-end hotel sales survey. The median price per room was $137,877, while the record for a luxury property was the 59-room Alia Ventana Inn & Spa in Big Sur, which came out to $2.5 million per room.
The priciest deal in the Bay Area last year was the sale of the 360-room Le Meridien San Francisco for $221.5 million, while the largest property sold was the 417-room Sir Francis Drake in Lower Nob Hill.
In Alameda County 22 hotel sales last year added up to just under $500 million, with the most expensive sale being the 214-room Four Points by Sheraton in Pleasanton, which sold for $75.1 million.
Read more
Residential
San Francisco
City rejects micro homes project in Tenderloin
[SFBT] — Victoria Pruitt