An unknown buyer entered into an agreement to acquire Hilton Garden Inn San Francisco Airport North from Summit Hotel Properties, Inc. and GIC Pte. Ltd. for $75 million.
May 03, 2022
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An unknown buyer entered into an agreement to acquire Hilton Garden Inn San Francisco Airport North from Summit Hotel Properties, Inc. (NYSE:INN) and GIC Pte. Ltd. for $75 million on March 23, 2022. The property is being sold for $444,000 per key.
The sellers have received $7.5 million of nonrefundable earnest money from the buyer and expect to close the transaction in the second quarter of 2022.
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 99 assets, 56 of which are wholly owned, with a total of 14,785 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.
An unknown buyer entered into an agreement to acquire Hilton Garden Inn San Francisco Airport North from Summit Hotel Properties, Inc. and GIC Pte. Ltd. for $75 million.