Soma Hotel, a privately held hotel development company, has acquired a development site to build a 250-room hotel in the South of Market area in San Francisco. It will reportedly be the city’s first full-service hotel project since 2008.
The site was purchased from Block 1 Associates, LLC, a joint venture between Blackrock Real Estate and Strada Investment Group. Construction on the 15-story hotel is slated to begin in the fourth quarter with an expected opening in the fourth quarter of 2016.
The property will be a four-star, to-be-named, premium-branded lifestyle hotel and will feature specialized meeting spaces and food and beverage offerings.
“Downtown San Francisco is one of the most difficult cities for new construction, due to scarcity of land and high barriers to new construction,” said Will Gibbs, SVP, Soma Hotel. “This will be the first four-star, new-build hotel in the city’s urban core since 2008. The South of Market district is the city’s most dynamic location and there is a minimal presence of hotels there.”
Soma Hotel is an affiliate of the Stanford Hotels Group, which owns and operates 13 hotels and has five additional hotels under construction and development stages.