"During its Sept. 11 meeting, the commission unanimously approved a towering boutique hotel at 570 Market St. At 211 rooms and 29 stories, the hotel would not be the tallest new hotel in the city (the recently approved 530 Sansome St. project is taller in height), but a planner for the city told SFGATE that it's the largest hotel approved recently in terms of room count."
"The project was initially proposed in 2019 when tourism numbers broke records year over year in San Francisco. However, the pandemic and high construction costs soured hotel investment in the city. In 2023, investors for the city's two biggest hotels - Hilton Union Square and Parc 55 - defaulted on their loan, citing the city's "clouded and elongated" path to recovery. Two years later, investor speculation appears to have shifted for San Francisco."
Unanimous planning approval was granted for a 29-story, 211-room boutique hotel at 570 Market St., making it the largest recently approved hotel in San Francisco by room count. The project was proposed in 2019 amid record tourism, then stalled by the pandemic and high construction costs, and followed defaults by investors in two major hotels in 2023. Frontier Group LLC commissioned a CBRE analysis forecasting San Francisco to have the highest revenue per available room in Northern California at 8.4%, driven by returning business travel and conventions. A neighboring owner opposed the project and submitted its own economic analysis.
Read at SFGATE
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