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
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