Posted 9/28/2012 - 6:42:16 AM
SIOUX FALLS, SD–Summit Hotel Properties plans to acquire 10 hotels, including a portfolio of eight Hyatt Place properties being sold by affiliates of Hyatt Hotels Corp.
Summit, a lodging REIT, is paying $87.4 million for the Hyatt portfolio, which consists of 1,043 rooms. The hotels are located in five states, including three in Colorado and two in Arizona.
In addition, Summit has agreed to acquire the 98-room Hilton Garden Inn in Fort Worth, TX, and the 178-room Residence Inn by Marriott in Salt Lake City, UT, for $20 million. The names of the sellers of the Hilton Garden Inn and the Residence Inn weren't disclosed.
Before these latest acquisitions, Summit's portfolio consisted of 73 hotels with 7,533 rooms in 20 states. The company plans to close on these latest deals in the fourth quarter.