Summit Hotel Properties, Inc. and GIC Private Limited acquired The Nordic Lodge Hotel for $13.7 million.
August 01, 2023
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Summit Hotel Properties, Inc. (NYSE:INN) and GIC Private Limited acquired The Nordic Lodge Hotel for $13.7 million on June 23, 2023. The Company estimates The Nordic Lodge Hotel to yield between a 10 percent and 10.5 percent capitalization rate based on the full year estimated 2023 net operating income prior to any potential synergies related to common ownership with the Residence Inn Steamboat. The Company funded its 51% interest in the joint venture acquisition using a portion of the net proceeds generated from the recently completed four-hotel portfolio sale and cash on hand and borrowings on revolving line of credit.
Summit Hotel Properties, Inc. (NYSE:INN) and GIC Private Limited completed the acquisition of The Nordic Lodge Hotel on June 23, 2023.
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. 
