Summit Properties Closes on Courtyard by Marriott Atlanta Acquisition
150-room Courtyard by Marriott in downtown Atlanta, GA for $191,000 per key at a post-renovation NTM capitalization rate in the range of 8 to 9 percent.
January 26, 2012 - Summit Hotel Properties, Inc. (NYSE: INN), a real estate investment trust (REIT) specializing in the ownership of premium-branded hotels in the upscale and upper midscale segments,announced the company has closed the previously announced acquisition of the following property:
A 150-room Courtyard by Marriott in downtown Atlanta, GA for $191,000 per key at a post-renovation NTM capitalization rate in the range of 8 to 9 percent.
“It is a great opportunity to secure this unique property in this market,” said Mr. Dan Hansen, the company's chief executive officer. “It is core to our strategy to have the best brands in the best markets. As we continue to see attractive acquisitions in top markets we will continue to capitalize on these opportunities for our investors.”
The company also announced that the hearing portion of the arbitration proceedings involving Choice Hotels International concluded January 21, 2012. All parties have the opportunity to submit post-hearing briefs with a decision from the arbitration panel expected in March or April 2012.
Summit Hotel Properties, Inc. is a self-advised real estate investment trust focused on acquiring and owning premium-branded select-service hotels in the upscale and upper midscale segments. As of January 23, 2012, the company's hotel portfolio consisted of 71 hotels with a total of 7,245 guestrooms located in 19 states.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
