Location is everything in Real Estate and this point is driven home more and more every day in my business. Another eternal truth is different markets command different prices. However with the recent press about the Greenwich, CT listing hitting the market at $190 Million I can’t help but compare these two properties. What do you think…The St. Regis in San Fran or the Greenwich property.
Hoping to ride the profitable wave of recent hotel sales, the San Francisco’s St. Regis just landed on the market for a whopping $140 million asking price.
With 260 rooms, 46 suites and 15,000 square feet of meeting space, that’s in the range of more than $530,000 per key.
If the hotel snags a buyer at the suggested price — which has been the trend lately — it would be the biggest deal in recent years, even topping the San Francisco Mandarin Oriental, which sold for $390,000 a room in 2011, and the Fairmont Hotel, which sold for $325,000 a room last year.
Image courtesy of bizjournals.com