Park Acquired by The Summit Group for $6.5 million
|SIOUX FALLS, S.D. - July 6, 2005 -- The Summit Group, Inc., today announced
it has added its fourth property in the Memphis market through its purchase
of a Courtyard by Marriott property, further expanding the upscale limited-service
hotel owner's presence in the Southeast.
Under this agreement, Summit has purchased 96 rooms for approximately $6.5 million -- or $67,700 per room -- bringing the total number of properties in The Summit Group's portfolio to 61 hotels across 21 states. The Company also plans to spend nearly $1 million in renovations on this new property, including soft-goods renovations, enhanced bedding, bathroom upgrades and the addition of an upscale lounge.
"We are pleased to add yet another Courtyard by Marriott to our growing portfolio of leading-brand, limited-service hotels," said Chris Bills, chief operating officer of The Summit Group, Inc. "This purchase expands our presence in the Memphis market, further building on our strategy to expand our portfolio throughout the Southeastern portion of the United States."
The Courtyard By Marriott Memphis East/Lenox Park is located adjacent to the Lenox Center Office Park at 3076 Kirby Parkway. Lenox is an integrated technology office park consisting of seven Class AA 97,000-square-foot office buildings, which Summit expects will continue to play a role in driving occupancy at the Courtyard property.
About The Summit Group, Inc.
The Summit Group
|Also See:||Summit Hotel Properties, LLC Acquires Four Limited-service Hotels for Approximately $18 million; Portfolio Grows to 60 Hotels in 21 States / June 2005|
|The Summit Group Acquires 4 Limited Service Hotels; 427 rooms for $27.7 million -- or $64,871 per room / March 2005|