Tuesday, March 12, 2013 – Summit Hotel Properties Inc. has closed on the previously announced acquisition of a portfolio of five unencumbered Louisiana hotels.
The portfolio totals 823 rooms and the purchase price was $135m.
Summit, a lodging REIT, funded the acquisition with available cash and borrowings under its senior secured revolving credit facility. An affiliate of Marriott International, Inc. will operate the hotels under their current franchise flags.
“These hotels are very well positioned throughout the diverse areas of the New Orleans metropolitan market,” said Dan Hansen, president and CEO of Summit. “From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market.”
Properties included in this portfolio are: the 153-room Courtyard by Marriott and the 120-room Residence Inn by Marriott, both in Metairie, LA; the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott, both near the New Orleans Ernest N. Morial Convention Center; and the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter and financial and corporate office district.