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Summit Hotel Properties Inc Closes Acquisition of San Francisco Hotel


Wednesday, 13 Feb 2013 08:30am EST 

Summit Hotel Properties Inc announced that it has closed on the joint venture transaction for the acquisition of a 252-room Holiday Inn Express property (the Hotel) located on Fisherman's Wharf in San Francisco, CA. The Company has acquired the Hotel from an unaffiliated seller for a purchase price of $60.5 million through a joint venture with an affiliate of IHG (InterContinental Hotels Group). The Hotel joins the 10 IHG-branded hotels in the Company's portfolio, including the Holiday Inn Atlanta-Gwinnett Place and the Staybridge Suites Denver that were previously acquired under current sourcing agreement. The joint venture gives the Company an approximate 80% ownership interest in the Hotel, which will be operated under a long-term IHG management agreement. The Company currently expects the joint venture to spend an aggregate of approximately $3.0 million for improvements at the Hotel within the next 12 months. The Company anticipates a post-renovation estimated NTM EBITDA multiple for the Hotel in the range of 11.0x to 12.0x based on management`s current estimate of EBITDA. 

Company Quote

11.55
-0.03 -0.26%
4:04pm EDT