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AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has agreed to sell 26 hotel properties throughout the U.S. to American Realty Capital Hospitality Trust for $351.4 million. The portfolio contains 2,793 rooms, or about 19.6 percent of the company’s pro-forma hotel EBITDA (earnings before interest, taxes, depreciation and amortization). The hotels are located in Oregon, Louisiana, Texas, Indiana, Arizona, Missouri, Tennessee, Illinois, Florida, Washington and Colorado. The sale of the properties is scheduled to close in three separate tranches. The estimated sales dates are September and October of this year and January 2016. “We are very excited at the opportunity to recycle capital on a larger scale,” says Dan Hansen, Summit’s president and CEO. “This proposed transaction will enable us to continue to improve our asset mix and upgrade our portfolio with additional accretive acquisitions with strong growth profiles and diverse demand generators.” Adds Hansen: “Recycling capital to create long-term value for our shareholders is a proven strategy for us and one we consider to be a core strength.” The total sales price represents a cap rate in the mid-7 percent range based on trailing 12-month net operating income as of March 31. The 12-month revenue per available room (RevPAR) …

JERICHO, N.Y. — Getty Realty Corp. (NYSE: GTY) has acquired 77 convenience stores and retail motor fuel stations for $214 million. Located in California, Colorado, Washington, Nevada and Oregon, the acquired properties operate under several brands, including 76, Conoco, Circle K, 7-Eleven and My Goods Market. “This acquisition… achieves several important objectives for our company including materially expanding our geographic reach primarily in high growth regions and adding a new institutional quality tenant,” says David B. Driscoll, Getty’s president and CEO. “We believe the addition of these properties, combined with other activity in our portfolio, has materially improved the overall credit quality of our revenue stream. In addition, we believe we are positioned to provide sustained cash flow growth for shareholders in the coming years.” The 77 properties were acquired from affiliates of Pacific Convenience and Fuels LLC and simultaneously leased to United Oil, a leading regional convenience store and gas station operator. United Oil is triple-net leasing the 77 properties acquired by Getty for an initial term of 20 years, with three five-year renewal options. The company expects to receive $16.7 million of annual revenue from the transaction. United Oil operates approximately 400 locations in the western United States …

NEW YORK — Savanna, a New York-based real estate private equity and asset management firm, has sold 1375 Broadway to Westbrook Partners for $310 million. A 510,000-square-foot office building, 1375 Broadway is located on the northwest corner of 37th Street and Broadway. Savanna acquired the property in December 2010 and completed an extensive repositioning that included a redesign of the lobby and entrance and a renovation of the façade, roof and retail storefronts. Savanna leased over 190,000 square feet during its ownership. Average rents increased from $22 per square foot at acquisition to around $60 per square foot today. Marty Meyer, Eric Meyer and Michael Thomas of Colliers International represented Savanna in office leasing transactions, and Steve Baker of Winick Realty represented Savanna in retail leasing. “Savanna has transformed 1375 Broadway into a standout office property in the Broadway corridor through our intensive repositioning along with the Colliers and Winick leasing teams’ hard work, which has paid off with a great roster of new office and retail tenants,” says Cooper Kramer, managing director at Savanna. “These tenants represent major growth industries in New York including technology, beauty and fashion. Westbrook is acquiring a high-quality asset in a great location.” Tenants at …

WESTLAKE, OHIO — TravelCenters of America LLC (NYSE: TA) has agreed to sell 30 travel centers to Hospitality Properties Trust (NYSE: HPT) to fund its continuing expansion program. The sale-leaseback transactions total $397 million. TA expects to receive net cash proceeds of approximately $352 million before transaction costs. TA, based in Westlake, Ohio, also will purchase from HPT five travel centers now leased by TA and subleased to TA franchisees for approximately $45 million. TA’s travel centers operate under the TA, TravelCenters of America, Petro and Petro Stopping Centers brand names and offer gasoline and diesel fuel, restaurants, truck repair services, travel and convenience stores, and other services at locations in 43 states. The centers are located primarily at exits from the U.S. Interstate Highway System and in Canada. TA also operates convenience stores and retail gasoline stations primarily under the Minit Mart trade name. The company highlights several benefits from the transaction. Among the advantages: A significant portion of the gains to be realized from these transactions will result from sales of travel centers that were developed, or acquired and redeveloped, by TA. TA believes these gains will be amortized as a reduction of rent expense during the lease …

VANCOUVER — American Hotel Income Properties REIT LP, a Vancouver-based company that is publicly traded on the Toronto Stock Exchange (TSX: HOT.UN), has agreed to acquire a portfolio of nine branded, select-service hotels in the Midwest for an aggregate purchase price of USD$53.5 million. The properties are located in Illinois, Iowa, Kansas, Missouri and Oklahoma and total 632 guestrooms. The average age of the portfolio is approximately five years. American Hotel Income Properties’ (AHIP) portfolio comprises seven Holiday Inn Express properties, including a 69-room hotel in Bethany, Okla.; a 62-room hotel in Chickasha, Okla.; an 87-room hotel in Dubuque, Iowa; a 68-room hotel in Emporia, Kan.; a 69-room hotel in Jacksonville, Ill.; a 69-room hotel in Mattoon, Ill.; and a 68-room hotel in Nevada, Mo. The remaining hotels include a 63-room Hampton Inn in Chickasha, Okla., and a 77-room Country Inn and Suites in Norman, Okla. “This acquisition diversifies our portfolio into new U.S. markets coupled with the introduction of the Holiday Inn Express brand to the AHIP portfolio,” says Rob O’Neill, CEO of AHIP. “It is one of the fastest growing brands in the industry, opening an average of two hotels a week.” The portfolio will require brand-mandated property …