SAN FRANCISCO-SOMA Hotel LLC, a privately-held hotel development company, says it has acquired for an undisclosed amount a prime development site to build a 250-key hotel in the South of Market area in San Francisco's urban core. It will be the city's first full-service hotel project since 2008.
The site was purchased from Block 1 Associates, LLC, a joint venture between Blackrock Real Estate and Strada Investment Group. Block 1 owns the adjacent land and has announced plans to build 350 units of residential condominiums and apartments.
Construction on the 15-story hotel is expected to begin in the fourth quarter, with an opening slated for fourth quarter 2016. The property will be a four-star, to-be-named, premium-branded lifestyle hotel and will feature specialized meeting spaces and food and beverage offerings. The hotel will be environmentally constructed in accordance with LEED-Gold standards. Affiliates of SOMA will oversee construction of the hotel and operate it upon opening.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
