Austin hotelier buys San Francisco property

Jan 31, 2014
Austin Business Journal

Summit Hotel Properties Inc. has bought a San Francisco Four Points by Sheraton Hotel, the company said in a statement

The 101-room Sheraton was acquired by Austin-based Summit for $21.3 million. The property will be managed by Irving-based Pillar Hotels and Resorts LP. Summit plans to invest $1.3 million in capital improvements to the property

“We are very happy to expand our presence in the San Francisco market,” said company President and CEO Dan Hansen, in the statement. “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.”

Summit Hotel Properties also announced that it has closed the sale of two Fort Smith, Ark. hotels – the 89-room AmericInn Hotel and Suites and the 57-room Aspen Hotel & Suites – for a final price of $3.1 million

Summit Hotel Properties (NYSE: INN) owns 89 hotels in 22 states with a total of 11,143 rooms

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