Piramco has bought a Four Seasons hotel near the airport in South San Francisco for $17.7 million, 17 percent less than it sold for a decade ago.
The Kent, Wash.-based investor led by Nadeem Pirani purchased the 101-room Four Points by Sheraton Hotel & Suites San Francisco Airport at 264 South Airport Boulevard, the San Francisco Business Times reported, citing a regulatory filing.
The seller was Summit Hotel Properties, based in Austin, Texas. The deal works out to $175,247 per room.
Summit bought the five-story hotel in 2014 for $21.25 million, or $210,396 per room.
The property, built in 2001 and revamped a decade ago, was assessed at $23 million last year. It contains an on-site restaurant and bar, Bistro 123, plus fitness and business centers.
Nightly revenue per room for 12 months before the sale was $65, according to Summit’s earnings report.
The sale marks one of 10 hotels sold by the publicly traded real estate investment trust for a combined $150 million over the last 18 months, according to Summit CEO Jonathan Stanner.
In 2022, Summit also sold another SFO-adjacent hotel, the 169-room Hilton Garden Inn San Francisco Airport North at 670 Gateway Boulevard in South San Francisco for $75 million, or $443,787 per room, according to the Business Times.
Summit still owns three other hotels in the Bay Area, according to its website.
They include the 252-room Holiday Inn Express & Suites San Francisco Fisherman’s Wharf at 550 North Point Street in San Francisco; the 210-room Doubletree by Hilton San Francisco Airport North Bayfront at 5000 Sierra Point Parkway in Brisbane; and the 161-room Hilton Garden Inn San Jose Milpitas at 30 Ranch Drive in Milpitas.
Piramco owns hotels, apartments, strip malls and athletic clubs, according to Pirami’s LinkedIn page.
— Dana Bartholomew
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