Equinox Hospitality, a hotel investment, management, acquisition and development company, has acquired the Four Points by Sheraton San Rafael Marin County in San Rafael, CA, for $38 million. The company plans to convert the property to a Tribute Portfolio by Marriott hotel.
This acquisition marks the fifth addition to the company’s hotel portfolio in the past year.
“We were drawn to this hotel for several reasons,” Adam Suleman, principal, Equinox Hospitality, told Hotel Business in an exclusive briefing. “First, we have a strong connection with the location; San Francisco is our home base. The property also has exceptional potential. Its structural foundations are impressive, and the amenities—including the stunning pool, which is the largest outdoor hotel pool in Marin County—are in a picturesque area neighboring Mount Tamalpais, Muir Woods, Stinson Beach and countless mountain biking/hiking trails. There is also approximately 6,840 sq. ft. of event space across seven meeting and ballrooms. Lastly, it features ample restaurant/bar space, with outdoor seating available by palm trees, so you can enjoy a meal or a drink in warm summer weather. ”
The property is scheduled to undergo a renovation. “We also identified a chance to add value through a comprehensive renovation and rebranding that will elevate the guest experience and appeal not only to Marin locals/visitors, but also attract overflow from the neighboring regions of Napa, Sonoma and San Francisco. The property’s location next to a billion-dollar retail and development zone further amplifies its potential.”
Suleman said that Marin County has been a sought-after market for the company, noting, “Marin County, given its supply constraints, has a strong demand for a product of this nature. It is an affluent market and centrally located near many generators in Marin and neighboring Marin such as San Francisco and Wine Country. With corporate and leisure demand generators aplenty, the county offers many opportunities. Once the renovation is carried out successfully, there’s a lot of upside potential.”
According to Suleman, the hotel was purchased from a primarily multifamily owner based out of Southern California. “The property will undergo a comprehensive renovation starting next year, marrying luxury and comfort with an authentic local essence,” he added. “Preparatory and branding work is already underway.”
On the company’s expansion plans, the Equinox Hospitality leader said, “We’re enthusiastically planning to deepen our footprint in our existing markets such as Texas, while also exploring opportunities in new areas. We’re optimistic about San Francisco’s recovery and see great potential in increasing our presence there and throughout the greater Bay Area. Our ongoing partnerships with major brands are crucial to our growth strategy, providing the necessary boost to propel us forward.”