San Francisco · San Francisco County
San Francisco hotel & multifamily broker
Advisory for owners in an institutional market
As of 2026-08-03, 6 hotel listings were observed for sale in the San Francisco market, with published asking prices from $2,300,000 to $15,000,000. Request the full report
San Francisco hospitality is an institutional market with a boutique soul. Assets here draw national and international capital, but every sale still turns on the specifics — the fabric of the neighborhood, the brand or independence of the flag, and an operating story that has been through more cycles in a decade than most markets see in three.
Stephen Shekhar advises San Francisco hotel and multifamily owners on when to hold, when to reposition, and when to go to market — with underwriting built from hospitality financials, not headlines, and access to a national investor network for assets that deserve a wider audience.
Institutional process, principal-level attention
Marcus & Millichap and Kidder Mathews trained process, without handing your asset to a junior team.
Boutique & independent hotels
Unflagged assets need a different buyer story than branded ones. We build the narrative from the operating reality up.
Cycle-aware timing
The question isn't whether the market has changed — it's what your specific asset trades for now. A current opinion of value answers it.
What’s moving the San Francisco market
Updated 2026-08-03 · every item sourced
Sunstone Hotel Investors agrees to sell 821-room Hyatt Regency San Francisco to Blackstone Real Estate for $279 million
Sets a 2026 SF benchmark at $340,000 per key and a 3.5% trailing cap rate for large convention hotels. (2026-06-23 — source)
Blackstone lists 686-room Hyatt Regency San Francisco Downtown SoMa, two years after deed-in-lieu of foreclosure
Second large SF hotel offering in months; tests whether buyer depth extends beyond Blackstone at full-service scale. (2026-08-03 — source)
SF Travel forecasts 2026 RevPAR of $177.85 (up 7.9%), 69% occupancy, $257.81 ADR, and 24.2 million visitors
Citywide RevPAR, ADR and occupancy forecasts owners can underwrite against for 2026 budgets and refinancing conversations. (2026-05-07 — source)
Bay Area hotel distress mounts as 2018-2021 loan maturities hit amid high rates
Older loans maturing into higher rates are still producing defaults, so discounted acquisition opportunities persist regionally. (2026-04-10 — source)
EOS Investors acquires debt-distressed 189-key Barnes San Francisco in Union Square for undisclosed price
Shows debt-distressed Union Square assets clearing to well-capitalized buyers rather than sitting in extended workouts. (2026-04-02 — source)
Signals
- Distress — 400-room Stanford Court leasehold marketed by Eastdil after owner allegedly defaulted twice on a $105 million mortgage; second listing attempt in recent years. source
- Distress — Trepp lodging special servicing rate rose 44 basis points to 8.89% in June 2026 — a national figure, not San Francisco specific. source
- Transaction — Since the start of 2025, three of San Francisco's five largest hotels have sold, including Hilton Union Square/Parc 55 and the Hyatt Regency Embarcadero. source
- Demand — Moscone Center is scheduled for 38 events generating 674,000 room nights in 2026, up from 34 events and 635,227 room nights in 2025. source
- Policy — Downtown Revitalization Financing District, effective February 12, 2026, rebates property tax increment for up to 30 years on office-to-residential conversions; not hotel-specific. source
Observed on the market
Hyatt Regency San Francisco Downtown SoMa (50 Third Street)
Price undisclosed · 686 keys/units
Blackstone deed-in-lieu asset relisted via Eastdil; no asking price disclosed; offered free of management contract. source
Stanford Court Hotel (905 California Street)
Price undisclosed · 400 keys/units
Leasehold interest, 59 years remaining; marketed by Eastdil amid $105M mortgage default. source
Hotel North Beach (935 Kearny Street)
$15,000,000 asking · 150 keys/units
Highest disclosed asking price observed on LoopNet's San Francisco hotel results. source
Motel 6 San Francisco Civic Center (583-585 Eddy Street)
$8,000,001 asking · 68 keys/units
Listed at 14.38% cap rate; Civic Center economy asset. source
Third-party listings shown as market observations with attribution — not offerings of this practice.
Coverage note: Loaded LoopNet's San Francisco hotels-for-sale results page on 2026-08-03 and counted the 6 listings displayed (4 with disclosed prices, 2 'Price Upon Request'); LoopNet coverage only, excluding off-market and broker-direct offerings such as the Hyatt Regency SoMa and Stanford Court.
Conditions that move this market
as of 2026-08-03
Trepp CMBS delinquency rate increased 51 basis points to 7.86% in July 2026; lodging increased 13 basis points to 5.35%
Lodging credit is deteriorating again after June's improvement, which tightens refinancing terms and strengthens a case for selling now. source
California AB 507 (Adaptive Reuse) operative July 1, 2026: ministerial, CEQA-exempt approval for converting nonresidential buildings including hotels into residential or mixed use
Creates a statewide by-right path to convert hotels to housing, potentially adding a residential-value floor under underperforming assets. source
CoStar: U.S. hotel results for week ending 25 July 2026 — occupancy 72.5% (+1.3%), ADR $173.47 (+4.9%), RevPAR $125.72 (+6.3%)
Top-line trend is solidly positive and rate-driven, meaning current trailing revenue supports a stronger sale narrative today. source
San Francisco owner questions
Is now a reasonable time to sell a San Francisco hotel?
It depends on your asset, debt, and alternatives — not on sentiment. We start with a written opinion of value based on current operating performance and recent comparable trades, so the hold-versus-sell decision is made on numbers you can check.
Who is buying San Francisco hospitality assets right now?
The buyer pool shifts with the cycle: private groups, family offices, owner-operators, and institutional funds each become more or less active at different price points. A national investor network matters precisely because the right buyer for your asset may not be local.
My property is independent, not branded. Does that hurt my sale?
Not necessarily — independence widens the buyer's options (rebrand, keep independent, reposition), which can add value when the story is told with real numbers behind it.
What do you need from me to produce an opinion of value?
Typically a trailing-12 P&L, occupancy and rate history, an STR report for hotels, a rent roll for multifamily, and any franchise or ground-lease documents. With those, a written valuation usually follows within days, under NDA.
Talk through your San Francisco asset
A confidential conversation about your San Francisco hotel or multifamily property — and a preliminary view on value. Stephen Shekhar, eXp Commercial.
Prefer the phone? Call 323-841-0593