Summit Completes Hyatt Place Acquisition
Thursday January 24th, 2013 - 12:08AM H
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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 •
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.