Summit Hotel Properties Sells San Francisco Hotel On Gateway Blvd For $75M
SOLD
$75,000,000
California
See Similar DealsHotel
Sold 05/18/2022
SOLD
Summit Hotel Properties Sells San Francisco Hotel On Gateway Blvd For $75M
670 Gateway Boulevard, South San Francisco, California 94080, United States
See Similar DealsHotel
Sold 05/18/2022
Summary
CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale
The hotel located at 670 Gateway Blvd. in San Francisco has been sold for a total of $75,000,000. The property, owned by Summit Hotel Properties in partnership with Jonathan P. Stanner and GIC, was a highly sought-after asset in the market. It features 169 keys and a price per key of $443,789.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $75,000,000
- Address: 670 Gateway Blvd.
- Market: San Francisco
- Keys: 169
- Price per Key: $443,789
The sale of the hotel was facilitated by Jonathan P. Stanner, representing Summit Hotel Properties, along with GIC. This transaction marks a significant milestone for both the buyers and sellers involved.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$266,459.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$355,538.26
Annual Debt Service$4,266,459.16
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