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Another idea: Get the facility re-zoned as an executive boutique hotel. At only $200/nt and 50% occupancy, (REALLY cheap for the executive short-stay market, where $500/nt and 65% occupancy is more common), this property would gross $2.7M a year (before expenses).
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Russ, you have more experience than I do, but wouldn't you think something like this is SF would take many, many years and cost millions?