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Summit Hotel picks up 2 Marriott hotels for $109M


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Summit Hotel picks up 2 Marriott hotels for $109M

Summit HotelProperties Inc. acquired two hotels in mid-January for a totalpurchase price of $109.0 million.

The company bought the 226-guestroom Courtyard by Marriott inNashville, Tenn., for $71.0 million, while the 160-guestroom Residence Inn byMarriott in Atlanta was picked up for $38.0 million.

According to the company, the hotels require minimalnear-term capital investment. It estimates a combined capitalization rate inthe range of 8.25% and 8.75%, based on management's current estimate of netoperating income for the hotels in 2016.

Summit, in reporting its first-quarter results, added thatit also entered into management agreements with Interstate Hotels & Resortsfor both hotels.