SAN FRANCISCO—A joint venture of Summit Hotel Properties and InterContinental Hotels Group has purchased the 252-room Holiday Inn Express at Fisherman’s Wharf here for $60.5 million.

Summit takes an approximate 80-percent ownership interest in the hotel, which will be operated under a long-term IHG management agreement. The joint venture will invest about $3 million for improvements at the hotel within the next year, said Dan Hansen, president and CEO of Summit.

“We are excited about the opportunity to enter the San Francisco market,” Hansen said in a statement. “We are also very pleased that our relationship with IHG has provided us with the opportunity to source quality acquisitions like this and we expect to continue our growth with them.”

The Holiday Inn joins the 10 IHG-branded hotels in Summit’s portfolio, including the Holiday Inn Atlanta-Gwinnett Place and the Staybridge Suites Denver, properties that were previously acquired under a current sourcing agreement. Summit’s hotel portfolio consists of 87 hotels, containing a total of 9,635 guestrooms, located in 22 states.