For the first time since 2005, an approximately 89-room hotel in San Diego’s Financial District has hit the market with an asking price of $15 million, or $168,539.33 per room, a listing for the property showed.
The five-story Southern Hotel, located at 1159 Sixth Avenue, was last acquired for $4.5 million by an entity associated with Southern Hotel LLC, according to public records. Its manager, James Hughes, is the listing agent with the property.
The Southern Hotel is an approximately 36,000 square-foot single occupancy hotel located on approximately 10,000 square feet of land. According to the listing, the property was built in 1915 and was most recently renovated in 2014.
Previously operating on daily and weekly rates, the hotel now offers monthly rental options at the top three floors, with 50 units set aside for low income renters earning no more than $3,000 per month. An additional 39 rooms are unrestricted market rate units. Of the total 89 rooms, 37 units have private bathrooms, while 52 units share common area restrooms and showers, according to the property listing.
In addition to its 89 rooms, the property is 98 percent occupied by four locally-owned restaurants at the ground floor level. The property also contains an actors’ rehearsal studio at the basement level, several storage units, and a permitted catering kitchen. According to the listing, the rehearsal studio has been active for the past 20 years.
The Southern Hotel is located in San Diego’s Financial District, just east of downtown. It is near high rise office buildings, restaurants and retail space and hotels, some of which include the Wilsonian Hotel, Reiss Hotel, Workman Hotel and the Sandford Hotel. The property is also several blocks from Balboa Park and San Diego City College.
Hughes did not respond in time to comment on this story.
