“We are very pleased to have sold this hotel at a price we believe validates the benefits of premium select-service hotels. With RevPAR nearly 30 percent below our portfolio’s average, this sale demonstrates our commitment to enhancing portfolio quality,” said President and CEO Daniel P. Hansen.
The hotel was not part of the previously announced disposition of 26 hotels to affiliates of American Realty Capital Hospitality Trust, Inc.
Summit Hotel Properties, Inc. is a publicly-traded hotel REIT, focused primarily on owning premium-branded, select-service hotels in the upscale segment of the lodging industry. Summit’s portfolio consists of 82 hotels with 10,971 rooms located in 23 states.
June 1, 2016