P
iramco, a Kent, Wash.-based investor led by Nadeem Pirani, has acquired the 101-room Four Points by Sheraton Hotel & Suites San Francisco Airport for $17.7 million. This price is 17% lower than what it sold for a decade ago. The hotel, located at 264 South Airport Boulevard in South San Francisco, was purchased from Summit Hotel Properties, based in Austin, Texas.

    The deal works out to $175,247 per room, significantly lower than the $210,396 per room that Summit paid when they bought the five-story hotel in 2014 for $21.25 million. The property, built in 2001 and renovated a decade ago, features an on-site restaurant, bar, fitness center, and business center.

    Summit has sold several hotels in recent years, including another SFO-adjacent property, the Hilton Garden Inn San Francisco Airport North, for $75 million last year. They still own three other hotels in the Bay Area, including the Holiday Inn Express & Suites San Francisco Fisherman's Wharf and the Doubletree by Hilton San Francisco Airport North Bayfront.

    Piramco owns a diverse portfolio of properties, including hotels, apartments, strip malls, and athletic clubs. This acquisition marks one of several hotel sales made by Summit over the past 18 months, with a combined total of $150 million.