BOULDER, Colo.
Summit Hotel Properties, Inc. announced it recently completed the previously announced acquisition of the 157-guest room Boulder Marriott in Colorado for a gross purchase price of $61.4 million and entered into a management agreement with Stonebridge Realty Advisors, Inc.
"We are excited about the opportunity to add another high-quality hotel to our portfolio," said President and CEO, Daniel P. Hansen. "The asset has a number of unique attributes, including its compact size of 157 guest rooms and healthy hotel EBITDA margin of nearly 41.0 percent, that make it a great complement to our diverse portfolio of premium select-service hotels.”
The Boulder Marriott is located within walking distance of the University of Colorado, Folsom Field and Pearl Street Mall, which is known for its diverse collection of galleries, shops and restaurants. The hotel also offers nearly 5,000 square feet of event space across six rooms for up to 275 attendees.
