Summit Hotel Properties Announces Pending Acquisition of Two-Hotel Portfolio for $96 Million Through GIC Joint Venture
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Summit Hotel Properties, Inc. (NYSE: INN) is set to acquire two hotels, Hampton Inn Boston - Logan Airport and Hilton Garden Inn Tysons Corner, for $96 million through a joint venture with GIC. The acquisition is expected to yield an 8.8% capitalization rate based on 2024 net operating income.
December 10, 2024 | 10:15 pm
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Summit Hotel Properties is acquiring two hotels for $96 million, aiming for an 8.8% cap rate. This strategic acquisition could enhance their portfolio and income.
The acquisition of two hotels for $96 million is a significant move for Summit Hotel Properties, potentially increasing their asset base and income. The 8.8% cap rate suggests a strong return on investment, which is likely to be viewed positively by investors.
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