Summit Hotel Properties announced it has entered into multiple agreements with affiliates of American Realty Capital Hospitality Trust for the sale of 26 hotels for a combined price of approximately US$351.4 million.
The sale includes properties representing 2,793 guestrooms under brand flags such as Hampton, DoubleTree and SpringHill Suites, among others. For a complete list of hotels sold, click here.
The sale of the properties is scheduled to close in three separate tranches, with the current estimated sale dates in September 2015, October 2015 and January 2016.
“We are very excited at the opportunity to recycle capital on a larger scale,” said Summit President and CEO Dan Hansen. “This proposed transaction will enable us to continue to improve our asset mix and upgrade our portfolio with additional accretive acquisitions with strong growth profiles and diverse demand generators.”