AUSTIN, TX – March 29, 2022 – Summit Hotel Properties, Inc. (NYSE: INN) (the “Company”) today announced that it has completed the previously announced acquisition of the 176-guestroom Canopy by Hilton New Orleans Downtown for $56.0 million through its joint venture with GIC. The closing of this transaction completes the $822 million portfolio acquisition from NewcrestImage which included 27 hotels containing 3,709 guestrooms, two parking structures, and various financial incentives. Additionally, the Company has over $425 million of total liquidity after completion of the transaction.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of March 28, 2022, the Company's portfolio consisted of 101 hotels, 61 of which are wholly owned, with a total of 15,227 guestrooms located in 24 states.
For additional information, please visit the Company's website, www.shpreit.com.