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Summit Hotel closes $164M portfolio acquisition

Summit Hotel Properties Inc. completed its acquisition of a four-hotel, 652-room portfolio for $164 million.

The portfolio includes the 207-room Courtyard New Haven at Yale in Connecticut, the 148-room Hilton Garden Inn Boston/Waltham in Massachusetts, the 175-room Residence Inn Cleveland Downtown in Ohio and the 122-room Homewood Suites by Hilton Tucson/St. Philip's Plaza University in Arizona.

The company plans to invest roughly $4.0 million to $5.0 million into renovations on the Hilton Garden Inn Boston/Waltham hotel over the next two years.