Summit Picks Up Four Points Sheraton

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.