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9/26/24
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The Phoenix Hotel, a 44-room hotel property in San Francisco’s Tenderloin district, traded in a $9.1 mil transaction from about a month or so ago. The asset, located on a 38k sf lot at 601 Eddy St, was acquired by Michel Suas, owner of the San Francisco Baking Institute.
Reports suggest that the buyer is likely to redevelop the property, which is currently zoned for up to 450 homes. The existing structure was originally constructed in 1955 and converted into the current Phoenix Hotel in 1987.
Considered by some as “the rock ‘n roll hotel”, the property is situated near the sites of a number of well-known music venues over the years, including the Great American Music Hall, the Warfield and the Fillmore. The hotel has hosted a number of celebrity guests, including David Bowie, Linda Ronstadt and Kurt Cobain, among others.
The property was sold by The Zeigler Family, which has owned the asset for over 70 years. They were represented in the transaction by Mark Geisreiter with Newmark. Will Cliff and Mike Davis of Colliers repped Suas in the deal.
“The Phoenix Hotel is a unique property with deep roots in San Francisco’s cultural landscape,” said Geisreiter. “Over the years, high pricing and the pace of building sales have made it difficult for owner-users to enter the San Francisco market. However, with recent pricing adjustments and more patient sellers, we're seeing a significant increase in owner-users opting to buy rather than lease. This allows creative organizations and individuals like Michel Suas the opportunity to once again afford San Francisco.”
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