Summit Hotel Properties, Inc. and GIC Private Limited acquired Residence Inn Scottsdale North for $29 million
June 04, 2023
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Summit Hotel Properties, Inc. (NYSE:INN) and GIC Private Limited acquired Residence Inn Scottsdale North for $29 million on June 1, 2023. GIC made a capital contribution of $13.7 million, or 49% of the purchase price and Summit Hotel Properties made a capital contribution of $14.3 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. Summit Hotel Properties expects the Hotel to yield between an 8.0 percent and 8.5 percent capitalization rate on full year estimated 2023 net operating income.
Summit Hotel Properties, Inc. (NYSE:INN) and GIC Private Limited completed the acquisition of Residence Inn Scottsdale North on June 1, 2023. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.
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. 
