Summit Hotel Properties Inc. Continues to Execute Acquisition Strategy (United States)
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Summit Hotel Properties Inc. Continues to Execute Acquisition Strategy (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2012-01-24
Atlanta acquisition closes - Arbitration completed, awaiting decision
Summit Hotel Properties, Inc. (NYSE: INN), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, today announced the company has closed the previously announced acquisition of the following property:
A 150-room Courtyard by Marriott in downtown Atlanta, GA for $191,000 per key at a post-renovation NTM capitalization rate in the range of 8 to 9 percent.
“It is a great opportunity to secure this unique property in this market,” said Mr. Dan Hansen, the company’s chief executive officer. “It is core to our strategy to have the best brands in the best markets. As we continue to see attractive acquisitions in top markets we will continue to capitalize on these opportunities for our investors.”
The company also announced that the hearing portion of the arbitration proceedings involving Choice Hotels International concluded January 21, 2012. All parties have the opportunity to submit post-hearing briefs with a decision from the arbitration panel expected in March or April 2012.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of January 23, 2012, the company’s hotel portfolio consisted of 71 hotels with a total of 7,245 guestrooms located in 19 states.
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