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Summit, IHG buy San Francisco hotel for $60 million

Summit Hotel Properties and an affiliate of IHG announced on Wednesday the closing of a US$60.5 million joint venture purchase of the 252-room Holiday Inn Express & Suites San Francisco Fisherman’s Wharf. The seller was not disclosed, and Summit will own 80% of the hotel with IHG owning the remainder. The hotel will receive a US$3 million renovation and be managed by IHG, Denham, England, under its current name. The REIT said it anticipates a post-renovation estimated NTM EBITDA multiple for the hotel in the range of 11.0x to 12.0x based on management's current estimate of EBITDA. “The joint venture…
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