A struggling economy takes no prisoners and not even the legendary Drake Hotel is immune to financial woes, so once again, this San Francisco landmark is back on the market. Chartres Lodging and a Dubai based investment firm had purchased the hotel back in 2005, for a total of $65 million from Kimpton. In the five years that the hotel was in their possession, the Drake has undergone a total of $204,000 per room renovations.
No news yet on why the hotel was put up for sale or even how much it is going for, but Rick Swig, a consultant with RSBA & Associates, told the SF Business Times that San Fran’s hotel business is down 40 percent, good enough reason to put the luxury hotel on the market. As for the price? Well Mr. Swig says that all depends on the cash flow.
The Drake Hotel was legendary in its hey day for being an innovator in the hotel industry. Silver screen stars of the glamorous days of yore, and even World War II soldiers, frequented this luxury haven, where its “Persian Room” was known as the “snake pit” to those who frequented the spot for the “hissing and writhing,” according to Herb Caen, a columnist for the San Francisco Chronicle.
Source San Francisco Business Journal
