Kimpton Hotels & Restaurants has plans to plant its third San Francisco flag in one of the city's busiest tourist hot spots.

The S.F.-based boutique hotel company will open a 248-key Kimpton Alton at Fisherman's Wharf this summer, replacing the 243-room Holiday Inn at 495 Beach St., the group said Wednesday.

The decision brings another marked change to a transforming San Francisco tourist area. Most of the formerly 585-room, two-building Holiday Inn at Fisherman's Wharf closed in late 2018, with property owner Westbrook Partners turning a shuttered portion into the 248-room Hotel Caza at 1300 Columbus Ave. and planning a 174-room expansion.

Owned by InterContinental Hotels Group since 2015, Kimpton also operates Kimpton Buchanan in Lower Pacific Heights and Union Square's Kimpton Sir Francis Drake, which recently finished an $11M renovation.

Kimpton Alton, which will offer views of Alcatraz and the Golden Gate Bridge and proximity to Ghirardelli Square and Lombard Street, will look to take advantage of one of the country's strongest hotel markets. A suppressed supply of rooms combined with record tourism has led to new entrants in San Francisco, including Oxford Capital Group, which acquired four hotels in the city last year.

A subsidiary of DiNapoli Capital Partners bought the property at 495 Beach St. last year for $44.83M, according to property site Reonomy. The Walnut Creek-based real estate investment company began submitting planning applications for the new hotel, which will include an all-day café and bar, last year.

The incoming Kimpton Alton will take the new address of 2700 Jones St. and have rates on the higher end for the area, according to a spokesperson for the company, who declined to give exact prices.

Kimpton has over 25 hotels in its pipeline across 20 destinations around the globe. It currently operates over 60 hotels and over 80 restaurants.