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Summit Hotel Properties Inc Closes Six Hotel Acquisitions


Thursday, 30 May 2013 08:36am EDT 

Summit Hotel Properties Inc announced that it has closed on the previously announced acquisitions of four hotels containing an aggregate of 786 guestrooms from affiliates of White Lodging Services Corporation for a total purchase price of approximately $153.0 million. Properties in this portfolio include: the 135-guestroom Fairfield Inn & Suites by Marriott and the 198-guestroom SpringHill Suites by Marriott in Louisville, KY; the 156-guestroom SpringHill Suites by Marriott and the 297-guestroom Courtyard by Marriott in Indianapolis, IN. The Company funded the acquisitions through a combination of bridge financing and borrowings under senior secured revolving credit facility. The Company also announced today that it has closed on the previously announced acquisitions of two Minneapolis hotels; the 93-guestroom Holiday Inn Express & Suites and the 97-guestroom Hilton Garden Inn for a total purchase price of approximately $17.1 million. The Company funded the acquisitions with loan assumptions of $3.7 million and $6.4 million, respectively, and borrowings under its senior secured revolving credit facility. 

Company Quote

13.35
0.18 +1.37%
1 May 2015