summit hotel properties

Summit Hotel Properties Completes Sale of Six Hotels for $135 Million

Summit Hotel Properties | April 18, 2019

AUSTIN, Texas, April 18, 2019 -- Summit Hotel Properties, Inc. reported today that it has completed the disposition of six hotels totaling 815 guestrooms for an aggregate gross sales price of $135.0 million which resulted in an estimated net gain of $36.6 million. The portfolio of six hotels sold included: The aggregate gross sales price of $135.0 million, plus estimated future capital improvements, represented a 12.8x EBITDA multiple and 6.9 percent capitalization rate for the trailing twelve months ended March 31, 2019. The Company estimates that the hotels would have contributed approximately $9.5 million of EBITDAre through the rem...

Summit Hotel Properties Completes Acquisition of the Residence Inn by Marriott Boston Watertown

Summit Hotel Properties | October 1, 2018

AUSTIN, Texas, Oct. 1, 2018 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") reported today that it has completed the acquisition of the 150-guestroom Residence Inn by Marriott Boston Watertown and the previously announced sale of the 148-guestroom Hyatt Place Fort Myers/at the Forum. "We are thrilled with the acquisition of the Residence Inn by Marriott Boston Watertown, which represents a continuation of our capital allocation strategy by acquiring an exceptionally well-located hotel in a vibrant market," said Chairman, President and Chief Executive Officer Daniel P. Hansen. "With the completion of...

Summit Hotel Properties Opens New Build Hyatt House Hotel Across From Orlando Universal Resort™

Summit Hotel Properties | June 28, 2018

AUSTIN, Texas, June 28, 2018 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced the grand opening of the 168-guestroom Hyatt House Across From Orlando Universal Resort™. The newly constructed upscale, extended stay hotel is located adjacent to the Company's existing Hyatt Place hotel and conveniently situated within walking distance of Universal Orlando Resort™ and a short shuttle ride from the new Volcano Bay™ water park. Other nearby entertainment venues include Walt Disney World® Resort, SeaWorld® Orlando, ICON Orlando 360™, and SEA LIFE Orlando Aquarium. Major ...

RLH Corporation Closes Acquisition of the Knights Inn Brand From Wyndham Hotel Group

OTO Development | May 16, 2018

DENVER (May 16, 2018) — RLH Corporation (NYSE:RLH) today announced that it closed its acquisition of the Knights Inn brand from Wyndham Hotel Group, LLC a subsidiary of Wyndham Worldwide (NYSE:WYN). As a result of the acquisition, the Company acquired approximately 350 economy segment franchise contracts across North America and a pipeline of additional contracts. The acquisition is another step in RLH Corporation's transformation into an asset-light franchised hotel company. The Company expects the transaction will be immediately accretive to the Company's earnings and cash flow. "We are enthusiastic to have closed the acqui...

Summit Hotel Properties Completes $164 Million, 4-Hotel Portfolio Acquisition

Summit Hotel Properties | November 28, 2017

AUSTIN, Texas, Nov. 28, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the acquisition of four hotels with a combined total of 652 guestrooms for an aggregate purchase price of $164 million, or approximately $252,000 per key. The portfolio includes the 207-guestroom Courtyard New Haven at Yale, the 148-guestroom Hilton Garden Inn Boston/Waltham, the 175-guestroom Residence Inn Cleveland Downtown, and the 122-guestroom Homewood Suites by Hilton Tucson/St. Philip's Plaza University. The agreements to acquire the portfolio were previously announced on November 13, 2017....

Summit Hotel Properties EVP & CFO Greg Dowell to Retire in 2018; Jonathan Stanner, Current EVP and Chief Investment Officer, to Succeed

Summit Hotel Properties | November 14, 2017

AUSTIN, Texas, Nov. 14, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) ("Summit" or the "Company") today announced that Gregory A. Dowell, its EVP and Chief Financial Officer, plans to retire from the Company on March 31, 2018. Mr. Dowell has been with Summit for over three years and has led the Company's finance and accounting functions through periods of substantial growth and improvement. He has played a key role in the long-term succession planning for the Company and will continue to work closely with his successor during the upcoming transition period. Mr. Dowell said, "The past three years have bee...

Summit Hotel Properties to Acquire Four Hotels Totaling 652 Guestrooms for $164 Million, or Approximately $252,000 Per Key

Summit Hotel Properties | November 14, 2017

AUSTIN, Texas, Nov. 14, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) ("Summit" or the "Company") today announced that it has entered into definitive agreements to acquire four hotels totaling 652 guestrooms for an aggregate purchase price of $164 million, or approximately $252,000 per key. The portfolio includes the 207-guestroom Courtyard New Haven at Yale, the 148-guestroom Hilton Garden Inn Boston/Waltham, the 175-guestroom Residence Inn Cleveland Downtown, and the 122-guestroom Homewood Suites by Hilton Tucson/St. Philip's Plaza University. The aggregate purchase price represents a 12.1x multiple on the ...

Summit Hotel Properties Completes Acquisition of 181-Room Courtyard by Marriott Charlotte City Center for $56.3 Million

Summit Hotel Properties | June 16, 2017

AUSTIN, Texas, June 16, 2017 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") announced today that on June 9, 2017, it completed the acquisition of the 181-guestroom Courtyard by Marriott Charlotte City Center (the "Hotel") for a total purchase price of $56.3 million and entered into a management agreement with OTO Development, LLC. "The acquisition of the Courtyard by Marriott Charlotte City Center represents a continuation of our capital allocation strategy by acquiring an exceptionally well-located hotel in a strong market, funded partially through the recycling of capital from the sale of a non-c...