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Summit Acquires Three Hotels

Wednesday January 2nd, 2013 - 11:37AM

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.