The last time we heard about the historic Payne Mansion, the property at 1409 Sutter St. in San Francisco was going back on the market in May, just six months after its owners won city approval to convert the property into a boutique hotel and restaurant.

It’s still up for sale, but it’s also now up and running as a hotel and event space, complete with two professional kitchens, 10 luxury guest rooms and multiple spaces for parties, weddings and corporate events.

The owners behind the Pacific Heights mansion put in about $3 million in renovations over the last three years, but the building sat empty for about a year, said Irv Spivak, director of sales for the Payne Mansion Hotel and Event Venues.

Those owners, who went by the business name Yorbarn USA Corp., are a family with children who were originally from China and decided to move from San Mateo back to Asia, according to Anton Qiu, a principal with TRI Commercial who is representing them. Their business operated other boutique hotels in China, including the luxury Leader Hotel in Huan.

The Payne Mansion was going to be turned into Leader House, their first hotel in the United States, but it never opened for business.

The mansion has been on the market since May for $13.9 million, twice the price it sold for in 2011. But a New York investment group that operates properties for rent through Airbnb, Booking.com and other room booking services has signed a 12-year lease to use the space as a hotel and event venue.

The facilities include a 1,000-square-foot professional kitchen outfitted with four wok cooking stations on the ground floor and a second, smaller kitchen on the second floor. There are two event spaces, on the first and second floors that can fit 70 people and 300 people, respectively.