SAN FRANCISCO-Summit Hotel Properties, Inc. has acquired the Four Points by Sheraton located in San Francisco, and has recently completed two previously announced dispositions.
The company acquired the 101-guestroom Four Points by Sheraton for a purchase price of $21.3 million and has entered into a management agreement with Pillar Hotels and Resorts, L.P. Summit plans to spend approximately $1.3 million on capital improvements and anticipates a post-renovation estimated NTM capitalization rate in the range of 8.5% to 9.5% based on management's current estimate of net operating income.
“We are very happy to expand our presence in the San Francisco market,” said president and CEO Dan Hansen. “This property is a great addition to our portfolio with its proximity to the San Francisco International Airport as well as the unique mix of multiple demand generators.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
