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Austin hotel REIT buys, sells more properties

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October 20, 2013

Austin hotel REIT buys, sells more properties

Dan Hansen, CEO and president of Summit Hotel PropertiesAustin-based Summit Hotel Properties (NYSE: INN) said Tuesday that it had closed on two hotel acquisitions, sold three hotels and completed a $300 million senior unsecured credit facility.

The publicly-traded real estate investment trust acquired the 115-room Hampton Inn & Suites in Camarillo, Calif. for $15.8 million and the 108-room Hampton Inn & Suites in Poway, Calif. for $15.2 million.

Summit sold the 78-room SpringHill Suites in Lithia Springs, Ga., the 71-room Fairfield Inn in Lewisville, Texas, and the 63-room Fairfield Inn in Lakewood, Colo.

The company obtained the $300 million senior unsecured credit facility to replace a $150 million senior secured revolving credit facility. The unsecured credit facility included a $225 million revolving credit facility and a $75 million term loan.

The syndication of lenders includes Deutsche Bank AG,?Bank of America?NA, Royal Bank of Canada, Key Bank National Association, Regions Bank,?Fifth Third Bank,?Raymond James Bank?NA and US Bank National Association.

Summit Hotel Properties stock prices?fell sharply in September?after it announced that it would raise about $132.3 million by selling 15 million shares of common stock to pay down debt.

The shares closed Tuesday at $9.16. The stock has traded as low as $8.02 per share and as high as $10.56 per share during the past year.

Summit Hotel Properties owns 94 hotels with 11,136 rooms.

Source Austin Business Journal,

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