Summit Hotel Properties (NYSE:INN) discloses that it completed the disposition of six hotels for an aggregate gross sales price of $135M.
The company says the sales resulted in an estimated net gain of $36.6M to rep a 12.8X EBITDA multiple and 6.9% capitalization rate for the trailing twelve months ended March 31.
Summit estimates that the hotels would have contributed ~$9.5M of EBITDA through the remainder of 2019. Net proceeds from the sale were used to reduce the outstanding balance of the company's unsecured revolving credit facility, which now has $395M available to borrow.
Source: Press Release
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