Summit Completes Three Hotel Acquisitions, Announces Fourth

12th May 2011 (Last Updated May 12th, 2011 18:30)

US-based hotel investment company Summit Hotel Properties has completed the acquisition of three hotels in the US and announced an additional property purchase agreement. The company acquired the 121-room Staybridge Suites in Denver, Colorado, for $83,000 per room, the 143-room Holiday

US-based hotel investment company Summit Hotel Properties has completed the acquisition of three hotels in the US and announced an additional property purchase agreement.

The company acquired the 121-room Staybridge Suites in Denver, Colorado, for $83,000 per room, the 143-room Holiday Inn in Atlanta, Georgia, for $49,000 per room and the 91-suite Homewood Suites by Hilton in Jackson, Mississippi, for $80,000 per room.

The hotel investment trust’s latest purchase is the 122-room Hilton Garden Inn in Atlanta for $115,000 per room.

The acquisition is part of Summit’s strategy of clustering properties in close geographic proximity to gain efficiencies and management advantages, the company said.