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91-Room Monticello Inn Fetches $20M

SAN FRANCISCO-The boutique hotel between Union Square and the newly expanded San Francisco Centre sells for approximately $220,000 per key.

By Brian K. Miller | Updated on January 22, 2007

SAN FRANCISCO-Larkspur Hospitality has acquired Monticello Inn, a 91-room boutique hotel in an historic building located at 127 Ellis St., near Union Square, San Francisco Centre and the Powell Street cable car line. The Marin County-headquartered hotel company paid $20 million for the property, which includes 20 two-room Jefferson suites, the Puccini & Pinetti Restaurant, two retail tenants, and a 17-space subterranean parking lot.

The seller was Continental Renaissance Partners, a partnership controlled by locally based Dern Greinetz Inc. Buchanan Street Partners, a Newport Beach-based investment bank that also manages assets for institutions and brokers sales, was handed the disposition assignment in June. Larkspur assumed the existing loan on the asset as part of the transaction.

When the property first came to market, Buchanan Street SVP Curtis Davies told GlobeSt.com the hotel could be upgraded to a higher class, converted to a condo-hotel development or converted to straight residential. The “condotel” play may be the most attractive because it would be the first in the city. The property gets around the moratorium on hotel-to-condo conversions by having fewer than 100 rooms.

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