Summit Hotel to acquire two US properties

13th November 2011 (Last Updated November 13th, 2011 18:30)

Real estate investment trust Summit Hotel Properties has signed agreements to acquire two US Marriott hotels and sell one non-core property.

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.

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.