Real estate investment trust Summit Hotel Properties has signed agreements to acquire two US Marriott hotels and sell one non-core property.
The company will purchase the 150-room Courtyard by Marriott in Atlanta, Georgia, and a 96-room Residence Inn by Marriott in Kansas City, Missouri.
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Summit Hotel said the post-renovation NTM capitalisation rate for the properties will be 8-9% and 9-10%, respectively.
Summit Hotel will also sell the 52-room AmericInn Hotel & Suites in Missoula, Montana, for $2m, and has entered purchase agreements for two additional hotel properties.
