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Summit Hotel Properties Inc Acquires Another Hotel


Wednesday, 31 Oct 2012 02:10pm EDT 

Summit Hotel Properties Inc announced the closing on October 23, 2012 of its acquisition of the 98-room Hilton Garden Inn in Fort Worth, Texas for a purchase price of $7.2 million. The Company anticipates a post-renovation estimated NTM capitalization rate based on management’s current estimate of net operating income for the twelve-month period ending October 31, 2013 in the range of 8.5 to 9.5%. The Company expects to spend approximately $2.4 million for improvements at this hotel within the next 18 months, funding the improvements with available cash or additional borrowings under the Company’s senior secured revolving credit facility. The acquisition of this property was announced September 26, 2012 concurrent with the Company’s offering of common stock. 

Company Quote

10.37
-0.12 -1.14%
25 Jul 2014