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Summit Completes Hyatt Place Acquisition

Thursday January 24th, 2013 - 12:08AM

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.