Hospitality Leaders Hospitality Leaders Menu 0
Google Translate
Hotel Development

Summit Closes $170M Midwest Hotel Purchase

Profile Photo By: H L
June 3, 2013

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.

Click here to read more.

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.

Suggested news

all access

Get full access to the hospitality industry news.

Sign up now. It’s free
Or import your details from