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Monticello Inn Coming to Market

SAN FRANCISCO-Based on recent sales of comparable hotel properties, the 91-unit boutique hotel adjacent to the new San Francisco Centre is expected to fetch something north of $20 million, industry sources tells GlobeSt.com.

By Brian K. Miller | Updated on June 12, 2006

SAN FRANCISCO-Buchanan Street Partners has been tapped to sell the Monticello Inn, a boutique hotel located in a 1907 building situated between Union Square and the soon-to-open San Francisco Centre expansion. The property contains 91 guestrooms, including 20 two-room suites, the Puccini & Pinetti Restaurant, two retail tenants and a 17-space subterranean parking lot.

Buchanan Street Partners, a real estate investment bank that also manages assets for institutions and brokers sales, is not disclosing the name of the seller or the expected sale price. While the seller’s name was not otherwise available, local industry sources tell GlobeSt.com the property should fetch a price north of $20 million (about $220,000 per key) based on the recent sales of comparable properties.

The hotel is currently managed by the Kimpton Hotel and Restaurant Group; however, the management agreement may be assumed or terminated by the buyer upon sale.

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