Austin company spends $164 million to acquire 4 hotels


An Austin-based company said Tuesday that it has acquired a portfolio of four U.S. hotels in a deal valued at $164 million.

The properties being acquired by Summit Hotel Properties are 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 properties have a combined 652 guest rooms, Summit executives said, which means the deal works out to roughly $252,000 per room.

The transaction is expected to close by month’s end.

“We are thrilled with the opportunity to acquire this portfolio of four exceptionally well-located hotels where we see considerable long-term value,” Summit Hotel Properties chairman, president and CEO Daniel P. Hansen said in a written statement. “All four hotels are located in strong markets, three of which are new for Summit and further enhance our geographic diversification.

“The off-market transaction will bring our year-to-date acquisition activity to nearly $600 million as we continue to grow our portfolio with a prudent capital allocation strategy focused on acquiring premium-branded upscale hotels with efficient operating models while maintaining a geographically diversified portfolio.”

Summit Hotel Properties owns 79 hotels in 24 states with a total of 11,590 guest rooms.



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