Summit to Acquire Louisiana Portfolio
Tuesday January 29th, 2013 - 12:01AM H
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NEW ORLEANS–Summit Hotel Properties has agreed to acquire a portfolio of five Marriott-branded hotels in Louisiana for approximately $135 million.
“This portfolio of hotels is uniquely positioned to allow us access to the many diverse markets and sub-markets in the area,” Dan Hansen, president/CEO, said in a statement. “They are each great properties on their own and we would be happy to own any one of them. We are very excited to have the opportunity to acquire all five of them.”
The five include the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott near the Morial Convention Center as well as the 140-room Courtyard by Marriott, all in downtown New Orleans. In addition, the portfolio includes two properties in the New Orleans suburb of Metairie: a 153-room Courtyard by Marriott and a 120-room Residence Inn by Marriott.
The identity of the seller of the portfolio wasn't disclosed. The deal is scheduled to close in the first quarter of the year.
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.