Summit Hotel Properties Acquires Three Hotels
SIOUX FALLS, S.D.—Summit Hotel Properties, Inc. announced the closing of three additional hotel acquisitions: a Residence Inn by Marriott in Salt Lake City, Utah; a Hyatt Place in Long Island, N.Y.; and a Hampton Inn & Suites in Tampa, Fla. READER COMMENTS
178-room Residence Inn by Marriott in Salt Lake City, Utah was bought for a purchase price of $20.0 million. Summit expects to spend approximately $6.5 million for improvements at this hotel.
122-room Hyatt Place in Long Island (Garden City), N.Y. was acquired for a purchase price of $31.0 million. The property will undergo $305,000 in improvements.
138-room Hampton Inn & Suites in Tampa, Fla joined the Summitt Hotel Properties portfolio for a purchase price of $20.8 million. The company anticipates to spend approximately $2.0 million for improvements at this hotel.
Improvements at these hotels are anticipated to occur within the next 18 months. These improvements are expected to be funded with available cash or additional borrowings under the company’s senior secured revolving credit facility.
“Our pipeline is massive and we continue to find top brands in top markets at great capitalization rates that are accretive to our portfolio,” said Dan Hansen, president and CEO of Summit Hotel Properties. “Our portfolio continues to improve through the consistent execution of our strategy.”
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