Summit Hotel Properties, Inc. Announces Acquisition of San Francisco Four Points by Sheraton
January 31, 2014 at 02:30 am IST
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Summit Hotel Properties, Inc. announced the acquisition of the Four Points by Sheraton located in San Francisco, Calif. as well as the completion of 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. The Company 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.
Summit Hotel Properties, Inc. is a real estate investment trust. The Company is focused on owning premium-branded lodging properties with operating models primarily in the upscale segment of the lodging industry. Its portfolio consists of approximately 96 assets, 54 of which are wholly owned, with a total of 14,256 guestrooms located in 24 states. Its properties are located in markets with multiple demand generators, such as corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. Its guestrooms operate under franchise brands owned by Marriott International, Inc. (Marriott), Hilton Worldwide (Hilton), Hyatt Hotels Corporation (Hyatt), and InterContinental Hotels Group (IHG). It holds both general and limited partnership interests in Summit Hotel OP, LP (the Operating Partnership). Substantially, all of its assets are held by, and all of its operations are conducted through, the Operating Partnership.
SUMMIT HOTEL PROPERTIES, INC. 
