AUSTIN, TX-Summit Hotel Properties Inc. has acquired eight Hyatt-branded hotels for an amount of $87.4 million, and plans to relocate its headquarters to Austin. The Sioux Falls, South Dakota-based REIT will move its headquarters in the next few months. The hotels are located in Texas, Arizona, Colorado, Illinois and Maryland.
The REIT will use the proceeds from its stock offering to close on the acquisition of the 1,043-room portfolio by the end of this year. For the full story, go to Austin Business Journal .
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