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Summit Boosts Louisiana Presence

AUSTIN-The hospitality REIT has announced an agreement to spend $135 million on an 823-room portfolio, with plans to an invest an additional $5 million on property improvements.

By Amy Wolff Sorter | Updated on January 28, 2013

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.”

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