AUSTIN-Locally based Summit Hotel Properties Inc. has entered into a definitive agreement to acquire 823 rooms at five Louisiana hotels for $135 million. Once the acquisition has closed (it’s anticipated to close during this quarter), the REIT plans an additional $5 million in capital expenditures to upgrade the properties.
“This portfolio of hotels is uniquely positioned to allow us access to the many diverse markets and sub-markets in the area,” says company president and CEO Dan Hansen in a press release. “They are each great properties on their own and we would be happy to own any one of them. We are very excited to have the opportunity to acquire all five of them.”
The hotels currently in escrow are
- The 153-room Courtyard by Marriott; 2 Galleria Blvd., Metarie
- The 120-room Residence Inn by Marriott, 3 Galleria Blvd., Metarie
- The 202-room Courtyard by Marriott, 300 Julia St., New Orleans
- The 208-room SpringHill Suites by Marriott, 301 St. Joseph St., New Orleans
- The 140-room Courtyard by Marriott Downtown, 124 St. Charles Ave., New Orleans