Summit Closes $170M Midwest Hotel Purchase
INDIANAPOLIS?Summit?Hotels?Properties Inc. has closed on the purchase of six Midwest hotels for $170 million.
The acquisition includes a portfolio of four hotels that contain an aggregate of 786 guestrooms. The?properties?include 135-guestroom Fairfield Inn & Suites by Marriott and the 198-guestroom SpringHill Suites by Marriott in Louisville, Ky.; the 156-guestroom SpringHill Suites by Marriott and the 297-guestroom Courtyard by Marriott here. Summit funded the acquisition from White Lodging through a combination of bridge financing and borrowings under its senior secured revolving credit facility.
Summit also closed on the previously announced acquisitions of two Minneapolis hotels; the 93-guestroom Holiday Inn Express & Suites and the 97-guestroom Hilton Garden Inn for a total purchase price of approximately $17 million. The company funded the acquisitions with loan assumptions of $3.7 million and $6.4 million, respectively, and borrowings under its senior secured revolving credit facility. Summit expects to spend an aggregate of approximately $3.6 million in improvements on the properties during the next 12 months.
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Source: Robert Carr (2013). Summit Closes $170M Midwest Hotel Purchase, National Real Estate Investor?http://nreionline.com/midwest/summit-closes-170m-midwest-hotel-purchase published May 30, 2013. Viewed Jun 03, 2013.