Summit Hotel Properties, Inc. announced that it has completed the previously announced acquisition of the 110-guestroom Residence Inn by Marriott Steamboat Springs for $33.0 million through its joint venture with GIC. The Company funded its 51% interest in the joint venture acquisition using approximately $17 million of cash on-hand. Additionally, the Company still has nearly $425 million of total liquidity and over $150 million of current investment capacity permitted under credit facility amendments to pursue future investment opportunities.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of July 12, 2021, the Company’s portfolio consisted of 73 hotels, 61 of which are wholly owned, with a total of 11,398 guestrooms located in 23 states.
For additional information, please visit the Company’s website, www.shpreit.com, and follow on Twitter at @SummitHotel_INN.