Buchanan Street to Market San Francisco's Monticello Inn
Boutique Hotel Offers Strategic Location & Repositioning Opportunity
Newport Beach / San Francisco, CA, June 12, 2006. Buchanan Street Partners, a national real estate investment bank, announced today that it will market the sale of San Francisco's Monticello Inn on behalf of an undisclosed seller. The boutique hotel is a landmark 1907 building located at 127 Ellis Street near Union Square.
The Monticello Inn contains 91 guestrooms, including 20 two-room Jefferson suites, the Puccini & Pinetti Restaurant, two retail tenants, and a 17-space subterranean parking lot. The hotel is strategically situated between Union Square and the San Francisco Centre which includes an existing Nordstrom's, a new flagship Bloomingdale's, movie theaters, restaurants and office space. The expansion which includes the new Bloomingdale's is set to open in September of this year.
Additionally, the hotel is just blocks away from San Francisco's theater district, Moscone Convention Center, Financial District and the Powell Street cable car line that carries passengers to Fisherman's Wharf.
"This exclusive offering provides prospective purchasers with a great repositioning opportunity in a dramatically improving market," said Curtis R. Davies, Senior Vice President of Buchanan Street Partners, who is handling the sale. "In fact, our Hotel Investment Sales team recently arranged the sale of the Hotel Griffon in San Francisco in just three months, demonstrating the current popularity of hotels in this market and the limited supply of inventory available."
The hotel is currently managed by the Kimpton Hotel and Restaurant Group; however, the management agreement may be assumed or terminated by the buyer upon sale.
About Buchanan Street
Buchanan Street Partners is a real estate investment bank that provides real estate capital for owners and developers. The firm makes principal equity investments for real estate in a discretionary capacity, arranges debt and structured finance, is an investment manager to institutional and private investors, offers investment sale brokerage services, and has a specialty in self-storage finance. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago and Atlanta.
The company's recent activity in San Francisco includes arranging the sale of Hotel Griffon and securing a construction loan for the conversion of 74 New Montgomery Street, a historic office building, into condominiums. For more information, visit www.buchananstreet.com.
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