The 34-room City Center Inn & Suites hotel at 240 7th Street is now on the market with a $32 million price tag in Western SoMa.
While it might seem like an eye-popping price on a per room basis, the hotel sits on three parcels which stretch from 7th to Langton and total over a third of an acre. And the 240 7th Street site, which is two doors down from the proposed 20-unit building to rise on the former Rawhide Club parcel, is zoned for development up to 65 feet in height.
Plans to redevelop the site with a mix of condos, apartments and new 80-90 room hotel were quietly being explored a couple of years ago but were subsequently abandoned. We’ll keep you posted and plugged-in.
At almost $1 million per room, and if each room averages $150/ night, you’d just have to rent every single room over 6,000 times for this to break even (not including property taxes, utility costs, staff…)
No one is buying it to keep it a 34 room hotel.
yeah that was my (indirect) point
Reviews on Tripadvisor
Reviewer1: “Choose an other place to stay”
Reviewer2: “Hard to swallow price for what you get.”
54% rated “Terrible”
3% rated “Excellent”
Way overpriced… Totally unrealistic as a development site.
You’ve heard of ‘priced to sell’? I think this has been priced to keep.