Strata Investment Group's recent sale of Mission Bay's hotel-zoned development parcel to SOMA Hotel paves the way for a 15-story, 250-room development set to open in 2016. The hotel will be the city's first luxury hotel since the InterContinental debuted in 2008. "We think it's an amenity that the corner of San Francisco has lacked. We think it's an exciting part of advancing the promise of Mission Bay," said Michael Cohen, a partner with Strada. "If done properly, that hotel has the potential to become a living room, not just for Mission Bay, but for all of brick-and-timber SoMa."