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Summit Hotels buys two properties for $59M

Jul. 08, 2015 10:33 AM ETSummit Hotel Properties, Inc. (INN) StockBy: Stephen Alpher, SA News Editor
  • 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

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