Summit Buys Four West Coast Hotels
Summit buys four West Coast hotels.
Summit Hotel Properties buys four West Coast hotels for $249 million through its recently formed joint venture with GIC.
They are Residence Inn by Marriott Portland Downtown/RiverPlace, Hilton Garden Inn San Francisco Airport North, Hilton Garden Inn San Jose/Milpitas, and Residence Inn by Marriott Portland Hillsboro. The joint venture will invest $23 million to transform the four hotels over the next three years.
The Residence Inn by Marriott Portland Downtown/RiverPlace is located in the evolving RiverPlace district, which is enjoying major development, especially Oregon Health & Science University's opening out just south of the hotel. Portland's walkable downtown district offers bars, restaurants, parks, trails, and shopping. Continued development of the Pearl District has made Portland a top leisure destination on the West Coast.
The Hilton Garden Inn San Francisco Airport North is located in South San Francisco, home to many biotech companies, including Genentech's world headquarters. This emergent developing Oyster and Sierra area is home to many other major enterprises such as YouTube, FedEx, General Electric, Hitachi, Acerta Pharma, Genesys, Johnson & Johnson, Myriad Genetics, Amgen, Kaiser Permanente, Merck, and Alector.
The Hilton Garden Inn San Jose Milpitas is located at the southern tip of San Francisco Bay at the edge of Silicon Valley. Milpitas is revitalizing 437 acres of industrialized land into a village of commercial, retail, restaurant, and entertainment options arranged around the planned Milpitas BART station and the VTA Light Rail system. This area is home to Cisco Systems, KLA-Tencor, Western Digital, Micron, and Cadence Design Systems. The hotel is a short walk from many restaurants, bars, shops, and entertainment options.
The Residence Inn by Marriott Portland Hillsboro is located in the most varied high-tech cluster on the West Coast. Intel, Oregon's largest private employer, and the world's largest computer chip maker employs 20,000 people on four campuses here. It just declared a 1.5 million-square-foot campus expansion and an area workforce increase of 10 percent. Nearby, Nike's global headquarters has just finished up a 3.2 million square foot expansion. The hotel is along Sunset Highway next to Tanasbourne Village, a 400,000 square foot outdoor shopping center with many restaurants, bars, shops, and entertainment options.
In August, Summit Hotel Properties entered into a joint venture with GIC, the Sovereign Wealth Fund of Singapore. Summit serves as general partner and asset manager of the joint venture, investing 51% of the equity capitalization, with GIC investing the remaining 49%.
Summit Hotel Properties buys four West Coast hotels for $249 million through its recently formed joint venture with GIC.
They are Residence Inn by Marriott Portland Downtown/RiverPlace, Hilton Garden Inn San Francisco Airport North, Hilton Garden Inn San Jose/Milpitas, and Residence Inn by Marriott Portland Hillsboro. The joint venture will invest $23 million to transform the four hotels over the next three years.
The Residence Inn by Marriott Portland Downtown/RiverPlace is located in the evolving RiverPlace district, which is enjoying major development, especially Oregon Health & Science University's opening out just south of the hotel. Portland's walkable downtown district offers bars, restaurants, parks, trails, and shopping. Continued development of the Pearl District has made Portland a top leisure destination on the West Coast.
The Hilton Garden Inn San Francisco Airport North is located in South San Francisco, home to many biotech companies, including Genentech's world headquarters. This emergent developing Oyster and Sierra area is home to many other major enterprises such as YouTube, FedEx, General Electric, Hitachi, Acerta Pharma, Genesys, Johnson & Johnson, Myriad Genetics, Amgen, Kaiser Permanente, Merck, and Alector.
The Hilton Garden Inn San Jose Milpitas is located at the southern tip of San Francisco Bay at the edge of Silicon Valley. Milpitas is revitalizing 437 acres of industrialized land into a village of commercial, retail, restaurant, and entertainment options arranged around the planned Milpitas BART station and the VTA Light Rail system. This area is home to Cisco Systems, KLA-Tencor, Western Digital, Micron, and Cadence Design Systems. The hotel is a short walk from many restaurants, bars, shops, and entertainment options.
The Residence Inn by Marriott Portland Hillsboro is located in the most varied high-tech cluster on the West Coast. Intel, Oregon's largest private employer, and the world's largest computer chip maker employs 20,000 people on four campuses here. It just declared a 1.5 million-square-foot campus expansion and an area workforce increase of 10 percent. Nearby, Nike's global headquarters has just finished up a 3.2 million square foot expansion. The hotel is along Sunset Highway next to Tanasbourne Village, a 400,000 square foot outdoor shopping center with many restaurants, bars, shops, and entertainment options.
In August, Summit Hotel Properties entered into a joint venture with GIC, the Sovereign Wealth Fund of Singapore. Summit serves as general partner and asset manager of the joint venture, investing 51% of the equity capitalization, with GIC investing the remaining 49%.
Comments
Post a Comment