AUSTIN-Locally based Summit Hotel Properties Inc. has closed on its acquisition of the three-hotel portfolio it dubbed the “Hyatt Portfolio.” The REIT paid $36.1 million to Hyatt affiliates to acquire 426 rooms in Florida and Illinois.
The hotels acquired were
- The 151-room Hyatt Place Orlando Universal, 5895 Caravan Court, Orlando
- The 149-room Hyatt Place Orlando Convention Center, 8741 International Dr., Orlando
- The 126-room Hyatt Place Hoffman Estates, 2750 Greenspoint Pkwy., Hoffman Estates, IL
Summit also entered into an agreement with Hyatt affiliate Select Hotels Group LLC to operate each hotel.
In another transaction, Summit Hotel sold the 62-room AmericInn in Lakewood, CO for $2.6 million.
“We continue to cultivate and improve our portfolio with accretive acquisitions of top brands in top markets,” says Summit president and CEO Dan Hansen in a press release. “We have also effectively recycled capital through the strategic disposition of select hotels.”