Summit Hotel Properties Inc. formed a joint venture with Singaporean sovereign wealth fund GIC to buy properties that align with its investment strategy.

Summit will be general partner and asset manager for the venture and plans to invest 51% of the venture's equity capitalization.

An affiliate of the new venture is under contract to buy the 88-room Hampton Inn & Suites hotel in Silverthorne, Colo., for $25.5 million. The hotel opened in December 2015.

An affiliate of the venture is also under contract to buy two contiguous land parcels adjacent to the hotel in Silverthorne for $2.4 million. The parcels, totaling 1.3 acres, offer an opportunity for future development.

The deals are expected to close concurrently in the third quarter, subject to customary conditions.