The company completed the disposition of six assets totaling more than 800 guestrooms, located in Massachusetts, Texas, Minnesota, Utah and California.
The company expects to spend approximately $7 million to $9 million in capital improvements over the next two years. This off-market transaction will bring Summit’s year-to-date acquisition activity to nearly $600 million.
The acquisition marks the company’s first purchase in the Charlotte, N.C., market. Summit Hotels also entered into an agreement with OTO Development to manage the 118-key hotel.
The properties, which total 812 guestrooms, are located in Fort Worth, Kansas City, Pittsburgh and Baltimore.
The company plans to invest $1.6 million over the next year for public space improvements and a patio bar redesign. The transaction included the sale of the hotel, vacant land and retail space.
Summit Hotel Properties paid $61.4 million for the 157-key hotel located 29 miles from Denver.
The non-traded REIT is back in the news, this time with a massive purchase of a 10-hotel portfolio.
Summit Hotel Properties Inc. continues its expansion in the U.S. with two new acquisitions.
Four Baton Rouge hotels are changing owners this year. The properties are part of a larger, national portfolio to be sold by Summit Hotel Properties, Inc. to American Realty Capital Hospitality Trust, Inc.