Summit to Acquire Louisiana Portfolio
Tuesday January 29th, 2013 - 12:01AM 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!
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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.