End of an Era: Huntington Hotel Hits the Market
August 9th, 2010
This piece of news is close to our hearts because we've spent many a days (err..nights?) politely sipping Hendrick's and tonics at The Big Four. With that said, the Huntington Hotel is looking for a buyer. Let's be honest about the facts: aside from the still beautiful but often empty Big Four Restaurant, and of course the Nob Hill Spa, the hotel itself has become shabby over the years. It's in dire need of a remodel (which would cost mucho bucks). So, in an effort to avoid a crushing tax bill that Mr. Cope (current manager and partial owner) said would claim 68 percent of the proceeds, the family will sell the Huntington and its two other hotel pproperties - La Playa in Carmel and an interest in the Galleria Park Hotel in the Financial District - only bundled within a corporate entity. They're hoping to get anywhere between $80,000,000 to $100,000,000 for the sale. There have been a few interested buyers, but so much work needs to be put into the hotel that it's not seen as a solid investment. On potentially not finding the right buyers, Mr Cope said "This is not like a fire sale." Adding that if the family did not get an acceptable offer it would probably take the hotel off the market. "There's a 50 percent chance we end up keeping the property, and I do this for another seven and a half years," he said. "So I hunker down, and keep working."
· Family Is Selling Huntington Hotel, Nob Hill Fixture, but Allure Is Faded [NYTimes]
· Nob Hill Spa [NHS]
· The Big Four Restaurant [BFR
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