Summit Hotel closes on 26 hotels in NewcrestImage portfolio acquisition deal

Summit Hotel Properties Inc. wrapped up its purchase of 26 of the 27 hotels it agreed to acquire from affiliates of NewcrestImage LLC through its existing joint venture with GIC Pte. Ltd.

The 26 hotels total 3,533 rooms and come with two parking structures and various financial incentives.

The joint venture expects to wrap up its purchase of the remaining 176-guestroom Canopy by Hilton New Orleans hotel, which is being developed and nearing completion, later in the first quarter.

The total consideration includes $776.5 million for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the financial incentives.

BofA Securities Inc. is financial adviser and Hunton Andrews Kurth is legal counsel to Summit Hotel in the transaction. Goodwin Procter, Munsch Hardt Kopf & Harr, Haynes and Boone, and Colven & Tran are the legal counsels to NewcrestImage.