Summit Hotel Properties has acquired the Hampton Inn & Suites located in downtown Austin, Texas, US, for $53m.

The 16-storey, 209-guestroom Hampton Inn & Suites is the first property owned by Summit in the home of their corporate offices. The company has entered into a management agreement with Interstate Hotels & Resorts.

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The property was built in 2002 and the company anticipates spending a total of $2.4m in capital improvements over the next twelve months.

"The Hampton Inn & Suites is a wonderful addition to our portfolio in one of the fastest growing cities in the country."

The company estimates a post-renovation capitalisation rate in the range of 8% to 8.5% based on management’s current projection of future net operating income.

Summit Hotel Properties president and CEO Dan Hansen said: "The Hampton Inn & Suites is a wonderful addition to our portfolio in one of the fastest growing cities in the country."

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The company expects the hotel to generate approximately $1.4m of adjusted earnings before interest, taxes, depreciation and amortisation through the balance of 2014.

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As of 15 September, the company’s portfolio consisted of 91 hotels with a total of 11,589 guestrooms.