Summit Hotel Properties Inc. affiliate Summit Hospitality 134 LLC acquired the Courtyard Fort Lauderdale Beach hotel in Florida from PHF Oceanfront for roughly $82.9 million, the South Florida Business Journal reported.

The company launched a common stock offering of 9.0 million shares earlier in May for gross proceeds of approximately $177.7 million to finance the purchase of the hotel, which is located at 440 Seabreeze Blvd, among other purposes.

The 261-room, 151,237-square-foot property, which operates under the Marriott brand, previously changed hands in 2005 for $34.9 million, the May 25 report noted.