Hearst Hotel

Hearst Hotel

San Francisco, CA

Renovation and transformational adaptive re-use of the iconic Hearst Building into the premier luxury hotel in downtown San Francisco.
Asset Type
Hotel
Redevelopment / Conversion

2026

Scope
113 keys

Key Investment Thesis

The Hearst Hotel will be a once-in-a-generation entry into recovering and supply-constrained SF market with the best luxury hotel delivered at a structurally-advantaged cost basis.

  • Situated within the landmark Hearst Building, the project benefits from a one-of-a-kind historic asset in an A+ location, directly adjacent to the city’s existing luxury cluster, reinforcing its position at the epicenter of demand drivers.
  • Designed as a bespoke hospitality experience, the Hotel will combine historic architectural character with contemporary luxury, targeting high-end global travelers seeking differentiated, experience-driven accommodations.
  • The San Francisco market has experienced minimal new luxury hotel supply throughout the recovery, positioning the Hearst Hotel to enter a structurally undersupplied segment at an attractive point in the cycle.

JMA Value Creation

Over more than a decade, JMA has systematically advanced the Hearst Hotel through key milestones that materially de-risk the project and create a structurally advantaged investment.
JMA has completed comprehensive diligence across all key disciplines, including detailed cost exercises and structural validation, significantly reducing typical development risks associated with complex urban projects.
The project is fully approved (CEQA and City entitlements) and beyond all appeal periods, a significant achievement in a high-barrier market like San Francisco.
The negotiated long-term ground lease with Hearst Corporation provides enhanced structural flexibility and alignment.
JMA has secured a world-class luxury brand and operator, ensuring globally recognized service standards and strong positioning within the ultra-luxury segment.
The engagement of Roman & Williams reflects a commitment to creating a truly one-of-a-kind hospitality experience, combining curated historic elements with modern luxury design.
The project has secured approvals to receive federal and first-of-its-kind California historic tax credits equal to approximately 35% of eligible project costs, enhancing capital efficiency and returns.