Summit Completes Hyatt Place Acquisition
Thursday January 24th, 2013 - 12:08AM
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AUSTIN–Summit Hotel Properties has completed the acquisition of three Hyatt Place hotels for $36.1 million.
Selling the trio of assets, which consist of 426 guestrooms, were affiliates of Hyatt Hotels Corp. Two of the three are in Orlando, while the third is located in the Chicago suburb of Hoffman Estates, IL. Summit has named Select Hotels Group, a Hyatt affiliate, to manage the hotels under a long-term management agreement.
Summit Hotel Properties is a lodging real estate investment trust based in Austin. The REIT's portfolio consists of 86 hotels with 9,383 rooms in 21 states.
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.