Summit Hotel Properties Closes on Marriott-Branded Portfolio of Five Hotels
Category: Acquisitions, Finance & Development, Real Estate
AUSTIN, Texas—Summit Hotel Properties Inc. announced that it has closed on the previously announced acquisition of a portfolio of five unencumbered Louisiana hotels containing an aggregate of 823 rooms for a total purchase price of approximately $135.0 million. The company funded the acquisition with available cash and borrowings under its senior secured revolving credit facility. An affiliate of Marriott International Inc. will operate the hotels under their current franchise flags. “These hotels are very well
ATLANTA, Ga.—Despite news of “fiscal cliffs” and “sequesters” coming out of Washington D.C., the U.S. lodging industry is forecast to continue to achieve strong gains in both revenue and profits in 2013. According to the recently released March 2013 edition of Hotel Horizons, PKF Hospitality Research LLC (PKF-HR) is projecting that U.S. hotels will enjoy a 6.1 percent increase in revenue per available room (RevPAR) for the year, along with a 10.2 percent boost on
AMELIA ISLAND, Fla.—The Omni Amelia Island Plantation announced the completion of its extensive $85 million renovation. The 16-month project marks the newest chapter in the resort’s 40-year heritage. Completed March 5, the re-imagined resort presents an entirely new arrival sequence, allowing guests to interact with the water immediately upon setting foot in the lobby. The elevated porte cochere and floor-to-ceiling windows overlook fire and water features and the Atlantic Ocean. The lobby is located in
DUBAI, United Arab Emirates—Starwood Hotels & Resorts Worldwide announced that it will increase its Middle East and Africa (MEA) portfolio by more than 60 percent with nearly 50 new hotels set to open over the next five years, adding more than 14,000 guestrooms to the region. With over 20 hotels expected to open by the end of 2015, Starwood is on track to reach a milestone 100 hotels across MEA. F “Starwood continues to see
McLean, Va.—Home2 Suites by Hilton announced the opening of its 15th U.S. hotel in Augusta, Ga. The Home2 Suites Augusta is the second property for the brand in the state. The first guest to check-in received an Augusta themed weekend package, including a complimentary weekend stay, dinner for two at a local restaurant and tickets to explore the Morris Museum of Art, Augusta Museum of History and Augusta Canal. The four-story, 123-suite hotel is owned
