SIOUX FALLS, S.D.
Summit Hotel Properties, Inc. has announced the closing of three additional hotel acquisitions:
- A 178-room Residence Inn by Marriott in Salt Lake City, UT for a purchase price of $20.0 million. Summit expects to spend approximately $6.5 million for improvements at this hotel. The acquisition of this property was announced September 26, 2012 concurrent with the Company’s offering of common stock and the purchase closed on 12/21/2012.
- A 122-room Hyatt Place in Long Island (Garden City), NY for a purchase price of $31.0 million. Summit expects to spend approximately $305,000 for improvements at this hotel.
- A 138-room Hampton Inn & Suites in Tampa, FL for a purchase price of $20.8 million. Summit expects to spend approximately $2.0 million for improvements at this hotel.
The Company also announced today the closing on Dec. 11, 2012 of the sale of the 92-room Courtyard by Marriott hotel in Missoula, Montana for a price of $7.65 million. Improvements at these hotels are anticipated to occur within the next 18 months.
