Summit Hotel Properties entered into definitive agreements to purchase the 210-room DoubleTree by Hilton Hotel San Francisco Airport, located in Burlingame, California, and a 211-room Hampton Inn & Suites-branded hotel located in Minneapolis.
Summit Hotel Properties, Austin, Texas, is buying the DoubleTree by Hilton Hotel San Francisco Airport for US$39 million from an undisclosed seller. Summit plans US$4.1 million in capital improvements to the recently opened property by the year’s end. The hotel is operated by Stonebridge Cos., Englewood, Colorado. Summit anticipates closing this purchase in the first half of this year.
“We see strong upside potential in this newly rebranded property, located in a top market with multiple demand generators, including both an abundant base of corporate demand as well as strong leisure and weekend demand driven by the hotel’s close proximity to the San Francisco International Airport and downtown area,” says Dan Hansen, Summit’s president and CEO.
Summit also plans to buy for US$37.7 million a Minneapolis hotel, to operate under a franchise agreement for Hilton Worldwide’s Hampton Inn brand, from Mortenson Development, Minneapolis. Summit anticipates closing this purchase in mid-year 2015.
