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Storied Phoenix Hotel in San Francisco Sells to Michel Suas
Newmark arranged the sale of the Phoenix Hotel, located at 601 Eddy St. in San Francisco and renowned as a longstanding hangout for rock stars. Executive managing director Mark Geisreiter represented the seller, Ziegler Family LLC. The buyer was Michel Suas, owner of the San Francisco Baking Institute.
The property is regarded as a landmark in San Francisco’s Tenderloin district. It has been under the stewardship of the Ziegler family for more than 70 years.
“Over the years, high pricing and the pace of building sales have made it difficult for owner-users to enter the San Francisco market,” said Geisreiter. “However, with recent pricing adjustments and more patient sellers, we’re seeing a significant increase in owner-users opting to buy rather than lease. This allows creative organizations and individuals like Michel Suas the opportunity to once again afford San Francisco.”
He added, “It was an honor to represent the Ziegler family in this significant transaction, and Michel Suas’ vision and commitment to the community make him an ideal new owner.”
- ◦Sale/Acquisition
