Summit Hotel Properties to Buy Three California Hotels for $59M

Summit Hotel Properties, Inc. INN (the “Company”) today announced that it has four hotel properties, containing an aggregate of 503 guestrooms, under contract to acquire. The Company announced that it has entered into definitive agreements to acquire a portfolio of three Southern California hotels containing an aggregate of 321-guestrooms for a purchase price of approximately $59.0 million. The Company expects to implement approximately $2.9 million in capital improvements to the portfolio. The Company anticipates a post-renovation estimated NTM capitalization rate for the portfolio in the range of 8.25 percent to 9.0 percent based on management's current estimate of net operating income. “These top quality assets in high See full press release