Sandpiper Lodging Trust Acquires Two Savannah Suites Extended Stay Hotels in Colorado and Texas
Sandpiper Lodging Trust is pleased to announce the acquisition of two Savannah Suites Extended Stay hotels. One hotel is located just outside of Denver in Arvada, CO, while the other hotel is in Pleasanton, TX, located near San Antonio. SLT will convert the 116-room Arvada, CO hotel into a Suburban Extended Stay hotel, part of the Choice Hotel Group, and the 64-room Pleasanton, TX hotel into an independent extended-stay hotel. Terms of the transaction and brand conversion were not disclosed.
Carter Rise, CEO of SLT, stated, "We are extremely excited to add these two hotels to the Sandpiper Lodging Trust portfolio. We believe there is significant potential for Sandpiper Hospitality to drive both occupancy and revenue at each location, which will only be enhanced with our rebranding strategy."
Mr. Rise added, "Our business has continued to perform well as we emerge from the pandemic and the economy begins to normalize. Preliminary second quarter results were outstanding, and the third quarter is off to a strong start. Our property management team has excelled in an incredibly difficult environment, and we are achieving record revenue and RevPAR results."
SLT now owns 18 properties located in seven states spanning from the Mid-Atlantic region to Texas and Colorado.
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