- The 139-room Hampton Inn in Norwood, MA was purchased for $24M. Summit (NYSE:INN) plans to spend about $2.3M in capital improvements during late 2016, which will include a conversion to a Hampton Inn & Suites by Hilton. The estimated forward cap rate should be 8-8.5%.
- The 115-room Hotel Indigo in Asheville, NC was purchased for $35M. The company plans to spend about $400K on capital improvements, and sees a forward cap rate of 8-8.5%.
- Source: Press Release
Summit Hotels buys two properties for $59M
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