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Local Hotel Group Acquires Entitled SOMA Site from Block 1

SAN FRANCISCO-The yet-to-be named, 15-story hotel, to be completed in 2016, would be the first upscale hotel built in the city since 2008.

By David Phillips | Updated on January 17, 2014

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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