April 2025 GM letter

San Francisco is on the rise

Not only are the City trees blooming with spring cherry blossoms, but SF is coming back.

We have a new mayor in town who not only talks the talk but actually walks the City blocks.

Mayor Daniel Lurie is known to pick up the phone and speak directly to the top Tech CEOs of past conferences and asking them what it would take to bring them back to the city.

He is quoted as saying, ‘Innovation is the core of SF, and we should never shy away from that’

The January JP Morgan Healthcare Conference brought in 8,000 attendees and 92 million in revenue. Upon hearing that the conference may move elsewhere next year, Lurie reached out and convinced them to return. JP Morgan is now booked for next January 2026.

During a Tech Crunch Panel, Lurie announced “The City is on the rise, and we want your business here.”

This week the SF Climate conference at the Exploratorium hosted speakers,

Former Vice- President, Al Gore and House Speaker Emerita, Nancy Pelosi. The conference is expected to bring into the city, 25,000 attendees.

The President and CEO of the Hotel Council, Alex Bastian, agrees with the positive outlook since Hotel occupancy has risen to 53% occupancy with a daily rate of $282.00 in 2025 and conventions booked are up to 60% compared to 2024.

It is a known fact that when hotels and conventions thrive so does San Francisco.

The City is on the rise and illuminated.

The 150 ft Sky Star Ferris wheel at Fisherman’s Wharf lights up the sky at night.

At the end of market and in front of the Ferry Building, you can view the 45ft illuminated sculpture of a nude woman standing with her palms open and her head looking to the sky in a yoga poise, called the Mountain Poise. During the evening for an hour, you can watch her breath.

This Illuminated sculpture will be here for a short period so book your dinner reservation at the Epic Roast house on the Embarcadero so you can stroll over and witness this only in SF art installation.

The new Bay Bridge light installation is still in production and the 50,000 LED lights will soon illuminate the Bay Bridge again and the light show will now appear on both sides of the Bay Bridge. This is another reason to dine at the Epic or the Waterbar on Embarcadero.

The restaurant scene continues to rise and flourish:

  • Wayfare Tavern 201 Pine Street

The new Wayfare Tavern has just reopened on Pine Street in the Financial District.

Tyler Florence, owner of the elegant Lux and Miller at the Chase Center, opened the original restaurant years ago on Sacramento in 2010. The new restaurant offers the same gracious service and will still offer the hamburger and martini special at lunchtime.

Guest favorites are fried chicken and baked macaroni.

So you can wander down Pine to Market for lunch or dinner and have a splendid meal

Afterwards walk over to California Street and take the cable car back up to Nob Hill

  • Sorella 1760 Polk

Acquerello, the elegant Italian restaurant on Sacramento @ Polk was one of the first restaurants to earn a Michelin star back in 2007.

The chef/owner, Suzanne Gresham of Acquerello and Giancarlo Paterlini have opened a casual Italian supper club called Sorella, which means sister. Again, old school, gracious service and excellent pasta rules the day.

It is April, so again I will remind owners that the 2nd property tax was due on April 11.

If you have changed your address, please call the SF Tax Collector at 415 554-4400 to correct your address so you will not miss paying your taxes and end up with a tax default on your share.

You can always contact me at creidgm@sfsuitescsa or 415 433-9700 and I can help you pay your taxes online.

On a sad note, I would like to let the association know that Tom Weber, who served on the SF Board as President and Member at Large for many years has passed away in Oregon in January from a serious illness. He was 81 years old.

Tom Weber, was my first President and as a developer, he taught me the importance of keeping the structural integrity of a 100 + year old building. Due to his guidance, I continued to address plumbing, electrical, structural repairs to keep the building solid and up to code.

One of the reasons the Suites were able to renew our property insurance was because I could show all the upgrades and repairs that had been done in the past 10 years. This is all due to Tom Weber and his knowledge as a building developer.

Tom gifted the Suites with the beautiful silver tea service in the Boardroom and the scarlet carpet in the lower lobby.

Every year he would send fruitcakes to the staff and when he heard that I was holding a meeting, would insist on paying for the pizza.

One of his favorite projects was renovating the employees’ changing room and making the housekeepers storage rooms more organized.

Lastly, Tom loved my GM letters and always complimented me and would suggest that I write for the SF Tourist Board.

He will be missed.

So, in closing, the spring trees are blossoming, the City is illuminated, there are new restaurants to explore, and the City is rising.

Warmest wishes,
Cynthia Reid
General Manager
San Francisco Suites

April 23, 2025

Board Meeting Minutes March 8, 2025

San Francisco Suites

Minutes of the Annual Board of Directors Meeting

March 8, 2025

The meeting was called to order by President Geoffrey Bellah at 11:05 am. The Board members present were:

Geoffrey Bellah (President)

Fred Munroe (Vice President)

Dwight Walker (Treasurer)

Nancy Hudson (Secretary)

Jo Ann Trembath (Director at Large)

Others Present: Cynthia Reid (General Manager) 

Owners Present: Susan Josselyn

Max Josselyn 

Owners Forum: One owner noted that the thresholds to individual suite doors were inconsistent (brass vs. wood) and also commented about the fantastic appearance of the roof planters

President’s Report: President Bellah welcomed Dwight Walker and Fred Munroe back to the Board for another three-year term, as they were re-elected without opposition due to no other applicants. He then expressed appreciation to Jo Ann Trembath and Nancy Hudson for their contributions to the Board. He conveyed his optimism about the future of San Francisco Suites, acknowledging the team’s strength and General Manager Cynthia Reid’s skills.

Approval of Minutes of January 18, 2025, Board Meeting: Dwight Walker moved to approve the minutes of the January 18, 2025 Board Meeting and Jo Ann Trembath seconded the motion which passed unanimously.

Treasurer’s Report: 2024 and Current Financial Reports

  • 2024 Year-End Financials

    • Year-end operating cash position was good due to advance assessment payments, though $30,000 of 2025 cash was used to cover 2024 expenses, which is not ideal long-term.

    • 39 shares were held by the Association at year-end, representing $69,000 in unpaid assessments. These shares represent 273 nights that will not be used by owners in 2025. This enables shares to be used for rental income.

    • Year-to-date operating revenues were $74,000 over budget due to foreclosed share sales and rental income. Operating expenses were $88,000 over budget primarily due to foreclosures and bad debts, offsetting revenue gains. Supplies and services were $13,000 over budget.

    • Net operating income was $51,000, which was $14,000 under budget. Cynthia Reid’s efforts dealing with deed backs, foreclosures, bad debts and Airbnb mitigated larger issues.

    • Reserve cash position was over $647,000, including $30,000 interest income. 2024 reserve expenditures were $143,000 resulting in a 38% of Fully Funded balance according to the reserve study.

  • January 2025 Financial Report:

    • January started decently, mirroring the previous year’s assessment collection patterns. Airbnb program had a strong start in January, significantly better than the previous year.

    • Audit for 2024 is pending completion. This and the January financial report represent preliminary numbers and are subject to change.

    • End of January cash position was $966,000, replacement reserves of $768,000. Revenue and expenditures in January were close to budget, with no expenditures out of the reserve fund.

General Manager’s Report:

  • Financials as of February 28, 2025 included $277,784 in the Wells Fargo operating account and $717 600 in Fidelity Ops and $787,184 In the Fidelity Reserve account.

  • There are 45 shares in the San Francisco Suites inventory, including 36 non-performing shares, 9 deed backs (6 with assessments paid). 7 adopted shares and 2 Masters sold.

  • Airbnb revenues for January and February totaled $11,436.

  • Total revenue for January and February from sales, adoptions, and Airbnb was $30,819.

  • Maintenance included the annual inspections of the roof and the sprinklers as well as electrical, carpet and heater repairs.

  • Assessments have been collected on 741 shares. 75 shares are delinquent. 

Ongoing Business:

  • Chronicle newspaper amenity: Data on newspaper requests show around 25 requests per month. The Suites pays $175 per month to purchase five newspapers per day ($1.25 per paper). Weekday papers are free to owners, but they are charged $3.00 for Sunday papers. After discussion, no motion was made to change the newspaper amenity. The amenity remains as is.

  • February 2024 Foreclosure Auction Report: No bidders attended the February 2024 foreclosure auction. Six shares were auctioned (3 Masters, 3 Parlors) with no bids forthcoming. $15,498 was written off as bad debt; $1,514 in taxes were paid on these shares. The shares are now back in Association inventory for sale or adoption.

New Business:

  • Spring Master Share adoption report: Four Master Shares have been adopted.

  • Approval of IRS Revenue Ruling 70-606: Dwight Walker made a motion to approve the adoption of IRS Revenue Ruling 70-606, allowing the Association to move excess funds into the following year’s operating account to avoid IRS taxation. Nancy Hudson seconded the motion which passed unanimously.

  • Sofa bed replacement: Cynthia reported receiving consistent owner complaints about uncomfortable and worn sofa beds, which were purchased in 2010. Cynthia suggested prioritizing sofa bed replacement (13 units needed) before mattress replacement. Jo Ann Trembath and Geoffrey Bellah will work with Cynthia and Decorator Pamela Murphy to deal with this matter. A report will be forthcoming at the May Board meeting.

Forward Planning:

  • Replace hallway and staircase carpeting in 2025: There is no urgency to deal with the hallway and staircase carpeting, but Cynthia will contact a company to examine possible repair solutions.

  • Mattress replacement in 2025: Jo Ann Trembath and Dwight Walker have agreed to explore the matter of changing some of the queen-sized beds to king-sized beds, before the mattresses are replaced. This committee will report back to the Board.

Adjournment: Jo Ann Trembath moved, and Dwight Walker seconded the motion to adjourn the meeting at 11:52. The motion passed unanimously. 

Organizational Meeting of the Board of Directors

Choosing Board Officers for 2025-2026:

  • Fred Munroe moved, and Jo Ann Trembath seconded a motion that Geoffrey Bellah continue as President of the Board. The motion passed unanimously.

  • Dwight Walker moved, and Geoffrey Bellah seconded a motion that Fred Munroe continue as Vice President of the Board. The motion passed unanimously.

  • Dwight Walker moved, and Jo Ann Trembath seconded a motion that Nancy Hudson continue as Secretary of the Board. The motion passed unanimously.

  • Nancy Hudson moved and Fred Munroe seconded a motion that Jo Ann Trembath continue on the Board as Member at Large. The motion passed unanimously.

  • Fred Munroe moved, and Geoffrey Bellah seconded a motion for Dwighr Walker to continue as Treasurer of the board. The motion passed unanimously.

Establishing meeting dates for 2025-2026: Following a discussion by the Board, there was agreement on the meeting dates for the following year. They are:

  • Saturday, May 3

  • Saturday, August 9

  • Saturday, November 1

  • Saturday, January 24,2026

  • Saturday, March 7,2026 

Organizational Meeting of the Board of Directors disbanded at 12:20 pm.

Respectfully submitted, 

Nancy R. Hudson