Summit Hotel Properties Completes Purchase Of Two Properties For $59.0 Mln

(RTTNews) - Summit Hotel Properties, Inc. (INN) said it recently completed the acquisition of the Hampton Inn located in Boston (Norwood), and the Hotel Indigo located in Asheville for an aggregate purchase price of $59.0 million.

The company acquired the 139-guestroom Hampton Inn located in Boston on June 18, 2015 for $24.0 million and entered into a management agreement with Interstate Hotels & Resorts.

Summit Hotel Properties plans to spend $2.3 million on capital improvements at the property during the latter part of 2016. The company currently estimates the hotel will contribute $1.2 million of earnings before interest, taxes, depreciation and amortization through the balance of 2015.

The company also acquired the 115-guestroom Hotel Indigo located in the heart of downtown Asheville,on June 30, for $35.0 million and entered into a management agreement with Interstate Hotels & Resorts.

Summit Hotel Properties plans to spend $0.4 million on capital improvements during the next twelve months. The company currently estimates the hotel to contribute approximately $1.8 million of EBITDA through the balance of 2015.