Blog : YOTEL

Mid-Market’s renaissance is getting more firepower as its roster of projects grows

Mid-Market’s renaissance is getting more firepower as its roster of projects grows

Synapse Development Group began renovation in fall 2015 of the handsome, historic Grant Building, replacing offices with a 239-bed hostel-hotel. The youth-oriented “yotel” is to have 203 “micro rooms” that are smaller and cheaper than standard hotels. The developer also plans to include a cyber café, game room, media room, laundry room, guest storage lockers and a rooftop deck.

In May, the city’s Board of Appeals rejected a challenge from hotel and restaurant workers’ union Unite Here Local 2. Aimed at travelers reliant on public transit (the hotel won’t have any off-street parking), the Planning Commission approved it, citing how its young guests would likely support neighborhood arts and theater. Development is scheduled to finish this fall.

“We’re in the heart of this revitalization with this Mid-Market area,” said Synapse CEO Justin Palmer.

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Tiny Hotel Rooms Follow High Land Prices in Yotel Growth

Tiny Hotel Rooms Follow High Land Prices in Yotel Growth

Real estate colleagues questioned Justin Palmer’s purchase of a boarded-up, eight-story San Francisco office building for $17.7 million, almost double the price paid for it six years before. Then he told them his plan.

Palmer, co-founder of New York-based builder Synapse Capital, is redeveloping the property into a Yotel, a minimalist hotel brand whose signature feature is tiny rooms, or “cabins,” of about 175 square feet (16 square meters). That means Synapse can fit 202 revenue-producing rooms into a building that would accommodate just 94 were it a standard hotel, he said.

“People in the industry in San Francisco thought we were crazy until they figured out that we were fitting in two times the amount of keys,” said Palmer, who bought the property with Yotel’s largest shareholder in April and expects to open the hotel in 2017.

Read more on Bloomberg.com

 

Synapse to build 100-room Williamsburg hotel

Synapse to build 100-room Williamsburg hotel

A partnership between Synapse Capital and Pan Brothers Associates has closed on a Williamsburg development site, Synapse announced yesterday. The two New York-based firms are slated to build a 65,000-square-foot mixed-use property on the parcel that will include a 100-room hotel, a 10-unit residential building and ground-floor retail space.

Read more on The Real Deal