- Continuing its capital recycling program, Summit Hotel Properties (NYSE:INN) has closed the sale of the first tranche of a 26-hotel transaction it announced in June.
- The company this summer had announced a plan to sell 26 hotels for $347.4M, in three tranches. It's completed the first of those, selling 10 hotels to affiliates of American Realty Capital Hospitality Trust for $150.1M.
- The 26-hotel transaction represents a capitalization rate of 7.5%.
- Summit also closed the purchase of the Hyatt House hotel in Miami and the Courtyard by Marriott in the Atlanta area for a total of $83M. The estimated cap rate is between 8% and 8.5%.
Summit Hotel closes sale of first tranche of 26-hotel plan
This was corrected on 02/04/2019 at 8:09 PM. The original item erroneously said the hotel had sold 26 hotels for $150.1M; the sale for that price is actually the first of three planned tranches of a 26-hotel sale, for a total $347.4M.
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| Symbol | Last Price | % Chg |
|---|---|---|
| INN | - | - |
| Summit Hotel Properties, Inc. | ||