AUSTIN, Texas-—Summit Hotel Properties Inc. announced that it has entered into a definitive agreement to acquire a portfolio of five Louisiana hotels (Louisiana portfolio) containing an aggregate of 823 rooms for a purchase price of approximately $135.0 million. The company expects to implement approximately $5.0 million in property improvements to the Louisiana portfolio over the next twelve months. The acquisition is expected to be completed in the first quarter of 2013.
“This portfolio of hotels is uniquely positioned to allow us access to the many diverse markets and sub-markets in the area,” said Company President and CEO Dan Hansen. “They are each great properties on their own and we would be happy to own any one of them. We are very excited to have the opportunity to acquire all five of them.”
Acquisition plans include the 153-room Courtyard by Marriott and the 120-room Residence Inn by Marriott, both located in Metairie, La.; the 202-room Courtyard by Marriott and the 208-room SpringHill Suites by Marriott, both located just two blocks from the freshly renovated New Orleans Ernest N. Morial Convention Center; and the 140-room Courtyard by Marriott in downtown New Orleans.