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Summit Hotel Properties JV to buy West Coast hotel portfolio for $249M

Summit Hotel Properties Inc., through its joint venture with Singaporean sovereign wealth fund GIC Pte. Ltd., agreed to purchase a four-property hotel portfolio on the U.S. West Coast for $249 million.

The joint venture aims to invest about $23 million in the properties for the first three years of ownership.

The portfolio properties are the 258-room Residence Inn by Marriott Portland Downtown/RiverPlace in Portland, Ore.; the 169-room Hilton Garden Inn San Francisco Airport North; the 161-room Hilton Garden Inn San Jose/Milpitas in the San Francisco Bay area; and the 122-room Residence Inn by Marriott Portland Hillsboro along the Sunset Highway in Oregon.

The hotel real estate investment trust also agreed to sell the 130-room Hilton Garden Inn SE/Liberty Park and the 95-room Hilton Garden Inn Birmingham Lakeshore Drive, both of which are in Birmingham, Ala., for a combined $21.8 million

Both the West Coast and Alabama transactions are set to close in the fourth quarter.