Summit Hotel Properties, Inc. Announces Birmingham Hilton Garden Inn (United States)
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Summit Hotel Properties, Inc. Announces Birmingham Hilton Garden Inn (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 2012-02-13
Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments, today announced that the Company has signed a purchase contract on the following property:
A 130-room Hilton Garden Inn, Birmingham (Liberty Park), AL for a purchase price of $11.9 million including planned property improvements and a post-renovation, NTM capitalization rate in the range of 8.5 to 9.5 percent.
The transaction includes assumption of existing debt and the completion of the acquisition is subject to lender approval and satisfactory completion of due diligence and other customary closing conditions.
“Acquiring properties that represent top brands in top markets that provide great yields to our investors is exactly what we set forth in our strategy,” said Mr. Dan Hansen, the company’s president and chief executive officer. “This Birmingham Hilton Garden Inn is a perfect example of how we are continuing to execute on that strategy.”
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 February 8, 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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