First reported about a month ago, the storied Phoenix Hotel, a well-known landmark in San Francisco's Tenderloin district, has officially changed hands. Newmark facilitated the sale of the property, with Executive Managing Director Mark Geisreiter representing the seller, Ziegler Family LLC, as the hotel embarked on a new journey with Michel Suas, acclaimed pastry chef and owner of the San Francisco Baking Institute, taking the helm. Under Ziegler's family oversight for over seven decades, the iconic hotel has hosted numerous rock stars and boasts a colorful history.
"The Phoenix Hotel is a unique property with deep roots in San Francisco’s cultural landscape," Geisreiter noted, expressing his honor in managing the sale and foreseeing Suas as the ideal successor to perpetuate the hotel's historic presence, according to Newmark's press release. Purchasing the 38,000-square-foot land on Eddy and Larkin streets for just over $9.1 million, a figure significantly lower than the initial $15 million asking price – Suas signals a commitment to the Tenderloin community and its storied landmarks.
Yesterday, document filings with San Francisco revealed the business entity linked to Suas's San Francisco Baking Institute as the new owner. Amidst the fluctuating real estate dynamic, Suas' acquisition is a win for local business magnates aiming to preserve the city’s cultural fabric. "I am thrilled to be the new owner of the land at 601 Eddy Street," Suas stated, implying plans for continued collaboration with Phoenix Hotel's current management, based on a statement obtained by The San Francisco Standard.
The Phoenix Hotel thrived under the past management of Chip Conley, transformed from the Caravan Lodge in 1987 and culminating in a favorite resting spot for rock legends like David Bowie and Kurt Cobain. In the face of potential redevelopment discussions, Conley has remarked on the difficulty in maintaining the hotel while pursuing new projects. He noted that using the parking lot for development would be "impossibly noisy for hotel guests," he told The San Francisco Standard. The Phoenix's enduring allure to a cadre of rock stars over the years has solidified its status as "the rock ’n’ roll hotel" in the heart of San Francisco.
While the future of the Phoenix Hotel seems secure and "still open to business," as Conley assures, the area's broader challenges persist. Since the pandemic, deterioration in surrounding street conditions has prompted calls from business partners like Conley and Isabel Manchester for more municipal resources. However, despite such external upheavals, Manchester previously told The San Francisco Standard, "Inside our little oasis, things have remained the same, and that’s why people keep coming back."
