427 rooms for $27.7 million -- or $64,871 per room
|SIOUX FALLS, S.D. - March 14, 2005 -- The Summit Group, Inc., a leading
developer, owner and manager of upscale limited-service hotels nationwide,
today announced the purchase of four leading brand hotels, including Fairfield
Inn, Hampton Inn & Suites and two Courtyard by Marriott properties.
Under these agreements, The Summit Group has purchased 427 rooms for $27.7 million -- or $64,871 per room -- bringing the total number of properties in the Company's portfolio to 57 hotels across 21 states.
"Our strategy for growth relies on the acquisition of the strongest brands in the upscale limited-service hotel arena - and these brands are clearly among the best of the best in the industry," said Kerry W. Boekelheide, chief executive officer and chairman of The Summit Group, Inc. "We carefully selected these locations as part of our strategy to grow through geographic diversification, as these properties will help The Summit Group expand its footprint in the South and Southeastern parts of the United States."
The Summit Group's new properties include:
The Summit Group, Inc. is a developer, owner and manager of upscale
limited-service hotels nationwide. The Company owns and operates all the
hotels in its portfolio of 57 properties in 21 states. The Summit Group's
growing portfolio includes leading hotel brands such as Marriott International,
Inc. (Courtyard, Springhill Suites, Fairfield Inn and TownePlace Suites),
Hilton Hotels Corporation (Homewood Suites, Hampton Inn, Hampton Inn &
Suites), InterContinental Hotels Group (Holiday Inn Express), and Choice
Hotels International (Comfort Suites, Comfort Inn). Approximately 46 percent
of The Summit Group's portfolio hotels are Marriott properties.
Tucson Comfort Suites
Scottsdale Courtyard by Marriott
Scottsdale Springhill Suites
Vernon Hills (North Chicago) Hawthorn Suites
Medford Hampton Inn
The Summit Group, Inc.
|Also See:||The Summit Group of Sioux Falls Acquiring the 252-room Ambassador Hotel in Downtown Detroit / Aug 2002|
|Thompson Calhoun Fair Brokers Sale of the Fairfield Inn - Fenton (St. Louis), Missouri/ January 2005|