hampton inn suites minneapolis
Summit Hotel Properties Acquires Newly Constructed Hampton Inn & Suites in Minneapolis, MN for $39M
Summit Hotel Properties | April 14, 2015
April 14, 2015 - AUSTIN, Texas - Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it closed on the previously announced acquisition of the Hampton Inn & Suites located in Minneapolis, Minnesota. The Company acquired the 211-guestroom Hampton Inn & Suites on April 13, 2015 for a total purchase price of $39.0 million and entered into a management agreement with Interstate Hotels & Resorts. The Company anticipates an estimated forward capitalization rate in the range of 7.0 percent to 8.0 percent based on management's current estimate of the hotel's 2016 net operating income. "We are extremely plea...