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Despite slowing market boutique beat goes on

Yvonne Lembi-Detert, CEO of San Francisco-based Personality Hotels, which currently has seven boutique properties, noted that the economy is slightly impacting the company's expansion plans. After completing a major renovation of its Hotel Union Square, Personality Hotels was able to secure a permit to build a 157-room hotel nearby. "However, with the current state of the refinancing market, we haven't been able to move forward with the project yet, " she said. "With our size and the fact we are an independent, privately owned company, I would say that compared to a larger boutique company such as Kimpton, we are at a bit of a disadvantage when it comes to the lending market right now. But lenders can see our growth and what our renovation projects have done to our existing hotels' ADR."

The company is still forging ahead, adding to its portfolio and also upgrading its existing hotels. "This fall we will open two new hotels in San Francisco," said Lembi-Detert.

The first of those hotels, Hotel Vertigo, will be the product of a conversion from the former York Hotel. The other, Hotel Frank, will be the product of a conversion from the current Maxwell Hotel.

"Our two flagship hotels, the Hotel Union Square and Kensington Park Hotels, have also been reborn through renovations," Lembi-Detert added.

While Personality Hotels has had "many opportunities" to expand outside San Francisco, Lembi-Detert said she is still searching for the right property. "Yes I see us venturing outside San Francisco one day when the right deal comes. I would like to stay within California. I see us eventually going into Los Angeles or San Diego," she said.

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