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Summit REIT makes it an even dozen with Residence Inn purchase

- Judy Maxwell (Assistant Editor)
Summit Hotels paid $15.5m for the Residence Inn by Marriott in Dallas

 

Summit Hotel Properties Inc., a real estate investment trust specializing in the ownership of premium-branded select-service hotels in the upscale and upper midscale segments, today announced the company’s 12th hotel acquisition since its February 2011 initial public offering.

The company purchased a 96-room Residence Inn by Marriott in Dallas (Arlington), Texas, at a price of $15.5m. The company anticipates a post-renovation estimated NTM capitalization rate based on management’s current estimate of EBITDA for the 12-month period ending July 31, 2013 in the range of 8.5 to 9.5 percent.

‘This acquisition is yet another example of our commitment to consistent execution of one of our clearly stated goals; acquire top brands in top markets at great cap rates.’ said Dan Hansen, company president and CEO. ‘This fits perfectly into our strategy of clustering properties in prospering beltway markets.’

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