Paramount Lodging Advisors (PLA) is pleased to announce the successful sale of the property at 649 Jones Street, formerly known as the “Halcyon Hotel” located in San Francisco. Scott Griemsmann, Senior Managing Director and Subu Thiagarajan, Broker Associate of the West Coast office represented the owners in the transaction. The property sold for a purchase price of $7 million/$259,259 per room.
“This is a tremendous price for the owners and the purchasers achieved a very specific goal with the purchase,” commented Griemsmann.
The four-story, 27-room, SRO hotel opened in 1912 and was converted to alternative housing in 2013. The hotel recently completed an extensive renovation that included upgrades to the public areas and all guestrooms. The purchasers plan to continue using the property for alternative housing.
The purchasers are interested in more opportunities in San Francisco and Silicon Valley. Please contact Scott with opportunities or if you are interested in obtaining more information regarding this property – 415.419.5765 or scott@paramountlodging.com.
