Dynamic City Capital has acquired Hyatt Place San Francisco Downtown, a 230-story hotel Oracle Park, the home field of the San Francisco Giants. It is Dynamic City Capital's first acquisition of the year. The purchase price and the name of the seller was not disclosed.
Built in 2019, the hotel has 4,300 square feet of retail space, a lobby bar, and a 24/7 market. In addition to its proximity to Oracle Park, the property sits between the South of Market and Mission Bay neighborhoods. It has easy access to public transportation, including light rail and Caltrain. According to Ryan Phelps, DCC's chief investment officer, "The brand, market, and specific location fit our strategy to acquire best-in-class hotels in prime markets."
Although the San Francisco market was destabilized by the pandemic, there were several notable hotel transactions in the market in the last year. In July, Pebblebrook Hotel Trust entered into a contract to sell the Villa Florence San Francisco for $87.5 million. A partnership between AWH Partners and The Roxborough Group agreed to purchase the property, which is subject to standard closing costs and expected to close in the third quarter 2021. Villa Florence San Francisco is a 189-room hotel in San Francisco's Union Square, along the Powell Street Cable Car Line. It is walking distance to Chinatown and Moscone Center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.