Hampton Inn & Suites in El Paso
|SIOUX FALLS, S.D. - Aug. 15, 2005 -- The Summit Group, Inc., an upscale
limited-service hotel owner, developer and manager, today announced its
entrance into the El Paso, TX, market through the purchase of a Hampton
Inn & Suites property. This purchase furthers the Company's ongoing
growth in the southern region of the United States.
Summit has purchased a 139-room Hampton Inn & Suites in El Paso, bringing the total number of properties in The Summit Group's portfolio to 61 hotels across 22 states.
The "Make it Hampton" program, an initiative aimed at the overall improvement of guest lodging and amenities in Hilton properties, has already been completed at Summit's newest property. Additionally, Summit plans to spend $625,000 in capital improvements, bringing the total investment in improvements to approximately $4,500 per room.
"We are pleased to enter the El Paso market," said Chris Bills, COO of The Summit Group. "We look forward to further expanding our presence not only in this market, but in the State of Texas and in the Southern region of the United States."
This is Summit's eleventh franchised hotel with Hilton Hotel Corporation. Summit's latest addition to its portfolio is located at 6635 Gateway Blvd. West, approximately one mile from the El Paso International Airport. Bill Murney of Molinaro Koger's Phoenix, AZ office represented the seller in the transaction.
About The Summit Group, Inc.
The Summit Group, Inc.
|Also See:||The 96 room Courtyard By Marriott Memphis East/Lenox Park Acquired by The Summit Group for $6.5 million / July 2005|