National Commercial Real Estate News From CoStar Group
Summit Closes on 5 Marriotts in Louisiana for $135M
Summit Hotel Properties (NYSE:INN), a real estate investment trust based in Austin, TX, completed its acquisition of five Marriott-branded hotels in Louisiana for $135 million or $164,034 per room. The New Orleans-headquartered Verandah Group and its affiliates were the sellers.
The buyer funded the purchase with cash and borrowings under its senior secured revolving credit facility.
The 823-room portfolio included:
the 153-room Courtyard...