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BOULDER, COLO. — Summit Hotel Properties has purchased the 157-room Marriott hotel in Boulder for $61.4 million. The hotel is located at 2660 Canyon Blvd.
The Marriott is situated within walking distance of the University of Colorado, Folsom Field and Pearl Street Mall. Notable employers in the area include IBM, Google, NCAR, Qualcomm and Covidien.
The hotel has achieved a revenue per available room (RevPAR) of $167 a night over the past 12 months. This represents a 51 percent premium over the Summit’s pro forma RevPAR for its portfolio.