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Summit Hotel adds two hotels worth $60.2M to portfolio

Summit Hotel Properties Inc. acquired a 152-room Hyatt Place in Mesa, Ariz., for $22.2 million and completed the acquisition of the 129-room Homewood Suites by Hilton Aliso Viejo-Laguna Beach in Aliso Viejo, Calif., for $38.0 million.

The company also sold the 150-room Hyatt Place Atlanta Airport North located in East Point, Ga., for $14.5 million as a part of its capital recycling program and retired a $6.5 million mortgage loan, scheduled to mature August 2018, in connection with the sale. The hotel was not part of the previously announced disposition of 26 hotels to affiliates of Hospitality Investors Trust, formerly ARC Hospitality Trust.