New 22- story hotel is expected in San Francisco's financial district.
Peninsular Realty LLC has proposed the construction of a new 22-story, 189-room hotel to be built in San Francisco's financial district. The project calls for a coupling of hotel and retail space to maximize tourism revenue. Per the hotel plans, the entire ground-floor will be reserved for retail.
The proposed site lies between 439 Washington St. where a 2-story office building presently stands. Estimated at $35 million, the project would demolish the existing office building and build a 94,500 square foot structure, designed by Stanton Architecture. 4,500 square feet of the structure will be reserved for the ground-floor retail space.
The plans have also rumored that the hotels and asset management company, Paradigm Hotels Group is involved in project.
High tourism rates make San Francisco one of the best markets for hotels in the country. With 18 million tourists last year, the city now has a greater demand for commercial real estate. Hotel occupancy has increased in recent years up from 72 percent to 85 percent, and builders are taking notice.
This project is just one of Stanton Architecture's proposed plans. They are also expected to build a 6-story hotel in SoMa, and recently completed the Hotel Zetta. Stanton Architecture's recent projects attest to the booming hotel market in San Francisco.
Building new hotels in San Francisco are extremely costly and time intensive, but are proving to be worth the investment. Tourism is a major revenue source for the San Francisco. According to San Francisco's Business Times, the city reported 10.7 billion dollars from tourism in 2014, which has increased by 13.7 percent from 2013. New hotel construction paired with retail opportunities, as seen in the Peninsular Realty LLC plan, will continue to generate tourism and revenue for the city.
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