Summit Acquires Three Hotels
Wednesday January 2nd, 2013 - 11:37AM H
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
SIOUX FALLS, SD—Summit Hotel Properties, Inc. (SHP) has acquired three new hotels: the Residence Inn by Marriott in Salt Lake City, UT, from an undisclosed seller; the Hyatt Place in Garden City, NY, from OTO Development, LLC; and the Hampton Inn & Suites in Tampa, FL, also from OTO.
The 178-room property in Salt Lake City was bought for $20 million, and the company is planning a $6.5-million renovation. The Hyatt Place, a 122-room hotel, had a purchase price of $31 million and the company plans to spend $305,000 on improvements. The 138-room Hampton Inn & Suites was bought for $20.8 million with an expected $2 million to be spent on renovations. The company plans to renovate the properties within the next 18 months.
In addition, SHP sold the 92-room Courtyard by Marriott hotel in Missoula, MT for $7.65 million. The company’s portfolio currently consists of 84 hotels located in 21 states.
Tags: • Hospitality • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.