Summit Hotel Properties Announces Pending Acquisition of Two-Hotel Portfolio for $96 Million Through GIC Joint Venture [Yahoo! Finance]
Summit Hotel Properties, Inc. (INN)
Last summit hotel properties, inc. earnings: 2/25 04:35 pm
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Source: Yahoo! Finance
announced that it is under contract to acquire the 250-guestroom Hampton Inn Boston - Logan Airport and the 149-guestroom Hilton Garden Inn Tysons Corner for a combined purchase price of $96.0 million , or per key. The purchase price represents an 8.8% capitalization rate based on forecasted 2024 net operating income and no meaningful capital expenditures are planned prior to the fourth quarter of 2026. "We are excited to announce the pending acquisition of the Hampton Inn Boston - Logan Airport and Hilton Garden Inn Tysons Corner through our joint venture with GIC. These two premium-branded hotels are located in high barrier-to-entry, gateway city submarkets and generate RevPAR, EBITDA margin and EBITDA per key metrics that are accretive to our existing portfolio of high-quality hotels. The purchase price represents an attractive going-in yield and a significant discount to estimated replacement cost," said Jonathan P. Stanner , the Company's President and Chief Executive Officer.
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- Summit Hotel Properties Announces Pending Acquisition of Two-Hotel Portfolio for $96 Million Through GIC Joint Venture [Yahoo! Finance Canada]Yahoo! Finance Canada
- Summit Hotel Properties Announces Pending Acquisition of Two-Hotel Portfolio for $96 Million Through GIC Joint VenturePR Newswire
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INN
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INN
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- 11/14/24 - Form SC
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- 11/12/24 - Form SC
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