Anticipating all this demand, the city must have tons of new hotels built, currently under construction, or planned for development, right? Not exactly. Only a paltry number of new hotels were built in the last decade and a handful of smaller sized hotels are currently under construction or in the planning phases. This all leads to a shrunken supply and swollen demand. 18 million tourists competing over a meager 34,989 hotel rooms have pushed the city’s hotel prices to third highest in the nation. A property entitled for new hotel development could be a profitable venture and we passed by one recently near the Moscone Center in SoMa.
A hair north of the Central T Subway’s Yerba Buena/Moscone Station lies 250 4th Street, a property currently under construction and entitled for a boutique hotel. Based on city permits, the new as yet unnamed hotel will yield 208 rooms packed in a 12 story tall building. Unlike early architectural renderings which invoked little design excitement, latest renderings by architect AXIS Architecture + Design show a modern mid-rise tower with a bright glassy facade, inviting ground floor, and richly decorated interior. The building will have one subterranean floor and no off-street parking.
General contractor Whiting-Turner Contracting Company is constructing the hotel for owner 250 Fourth Street Development, LLC and is currently in the early stages of construction. The hotel is expected to be completed in 2017.