summit hotel properties
Summit Hotel Properties Completes Acquisition of AC Hotel by Marriott & Element Miami Brickell for $89 Million
Summit Hotel Properties | June 14, 2022
AUSTIN, Texas, June 14, 2022-- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced acquisition of the dual-branded 264-guestroom AC Hotel by Marriott & Element Miami Brickell (the "Brickell Hotels"). The Company's initial purchase option was based on a gross hotel valuation of $89.0 million, or $337,000 per key, and the Company funded its 90% equity interest totaling $38 million with the conversion of the previously funded $30 million mezzanine construction loan, which earned 9% cash interest during the loan term, and $8 million in cash. The transaction was finance...
Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million
Summit Hotel Properties | May 13, 2022
AUSTIN, Texas, May 13, 2022 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a re...
Summit Hotel Properties Completes Acquisition of Canopy by Hilton New Orleans Downtown for $56M
Summit Hotel Properties | March 29, 2022
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....
Summit Hotel Properties Announces Retirement of Craig Aniszewski as Chief Operating Officer
Summit Hotel Properties | February 2, 2022
AUSTIN, TX - February 2, 2022 - Summit Hotel Properties, Inc. (NYSE: INN) ("Summit" or the "Company") today announced that Craig J. Aniszewski, its Executive Vice President and Chief Operating Officer, plans to retire from the Company on March 1, 2022. In his 25 years with Summit and its predecessor, Mr. Aniszewski has been integral to the Company's success through his leadership of Summit's operations, design and construction functions. Jonathan P. Stanner, the Company's President and Chief Executive Officer, noted, "I want to sincerely thank Craig for his tremendous contributions to our growth and success over the years and wish him t...
Summit Hotel Properties Completes Acquisition of NewcrestImage Portfolio
Summit Hotel Properties | January 14, 2022
Austin, TX - January 14, 2022 - Summit Hotel Properties, Inc. (NYSE: INN) (the “Company” or “Summit”) today announced that it has completed an initial closing of the previously announced portfolio acquisition through its existing joint venture with GIC from affiliates of NewcrestImage. The initial closing included 26 of the 27 hotels totaling 3,533 guestrooms, two parking structures, and various financial incentives. The remaining hotel to be acquired is the currently under construction 176-guestroom Canopy by Hilton New Orleans which is nearing completion, and the joint venture expects to close on the acquisition of the hotel during ...
Summit Hotel Properties Completes Acquisition of Embassy Suites by Hilton Tucson / Paloma Village
Summit Hotel Properties | January 5, 2022
AUSTIN, TX - January 5, 2022 - Summit Hotel Properties, Inc. today announced that it completed the acquisition of the 120-guestroom Embassy Suites by Hilton Tucson / Paloma Village for $25.5 million through its joint venture with GIC on December 21, 2021. The investment represents a high-quality, market-leading hotel in a rapidly growing market. The property's excellent location and dominant Embassy Suites brand affiliation have allowed the hotel to consistently rank at the top of its competitive set, commanding an average RevPAR Index of nearly 150% over the last five years. While occupancy and ADR in the Tucson market are historically st...
Summit Hotel Properties Announces Board of Directors Transition
Summit Hotel Properties | December 9, 2021
AUSTIN, Texas - December 9, 2021 - Summit Hotel Properties, Inc. (the "Company") today announced that Dan Hansen will retire from his role as the Company's Executive Chairman effective December 31, 2021. Mr. Hansen will continue to serve on the Company's Board of Directors for the remaining term of his current nomination through the 2022 annual meeting of stockholders. Jeff Jones, currently the Company's Lead Independent Director, will assume the role of Non-Executive Chairman of the Board effective January 1, 2022. "It has been a tremendous privilege to have led Summit as its CEO for over 10 years and as Executive Chairman durin...
Summit Hotel Properties Acquires NewcrestImage 27-Hotel Portfolio for $822M
Summit Hotel Properties | November 4, 2021
AUSTIN, TX – November 4, 2021 – Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that it has entered into a definitive contribution and purchase agreement to acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives through its existing joint venture with GIC for total consideration of $822 million (the "Transaction") from affiliates of NewcrestImage. The total consideration for the Transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the var...
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