Summit Hotel Properties Acquires Four-Hotel Portfolio for $164M
AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms.
The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz.
The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016.
The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction.
The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources.
The Homewood Suites by Hilton Tucson/St. Philip’s Plaza University is located in St. Philip’s Plaza near the University of Arizona. Notable nearby companies include Raytheon Missile Systems, Texas Instruments, IBM, Intuit Inc. and Universal Avionics.
Based in Austin, Summit Hotel Properties is a publicly traded REIT that focuses on premium-branded hotels with efficient operating models primarily in the upscale segment of the lodging industry. The company’s portfolio consists of 83 hotels in 26 states with a total of 12,242 guestrooms, as of Nov. 27, 2017. The REIT’s stock price closed at $14.88 per share on Tuesday, Nov. 28, up from $14.24 per share one year ago.
— Nellie Day