An unknown buyer cancelled the acquisition of two-hotel portfolio from Summit Hotel Properties, Inc..
June 04, 2023
Share
An unknown buyer agreed to acquire a two-hotel portfolio from Summit Hotel Properties, Inc. (NYSE:INN) for $50.5 million on February 27, 2023. In a related transaction, Summit Hotel Properties agreed to dispose a four hotel portfolio and a vacant land parcel. The deal is expected to close in the second quarter of 2023.
An unknown buyer cancelled the acquisition of two-hotel portfolio from Summit Hotel Properties, Inc. (NYSE:INN) on June 5, 2023. Summit Hotel Properties, Inc. terminated the previously announced agreement to dispose of two wholly-owned hotels totaling 283 guestrooms for a gross sales price of $50.5 million. The buyer utilized its option to terminate the non-binding agreement prior to the expiration of the due diligence period. The two hotels included: (i) Residence Inn Atlanta Midtown/Peachtree at 17th and, (ii) Courtyard Kansas City Country Club Plaza.
Summit Hotel Properties, Inc. is a real estate investment trust. The Company is focused on owning premium-branded lodging properties with operating models primarily in the upscale segment of the lodging industry. Its portfolio consists of approximately 99 assets, 56 of which are wholly owned, with a total of 14,785 guestrooms located in 24 states. Its properties are located in markets with multiple demand generators, such as corporate offices and headquarters, retail centers, airports, state capitols, convention centers, universities, and leisure attractions. Its guestrooms operate under franchise brands owned by Marriott International, Inc. (Marriott), Hilton Worldwide (Hilton), Hyatt Hotels Corporation (Hyatt), and InterContinental Hotels Group (IHG). It holds both general and limited partnership interests in Summit Hotel OP, LP (the Operating Partnership). Substantially, all of its assets are held by, and all of its operations are conducted through, the Operating Partnership.
SUMMIT HOTEL PROPERTIES, INC. 
